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Old 12-30-2014, 08:25 AM   #1
PaulC
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Proposed 171 Tremont Street | Downtown

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A development team wants to build a 355-foot, 31-unit boutique luxury condominium on Tremont Street in Boston's Midtown Cultural District, according to a letter of intent filed Monday with the Boston Redevelopment Authority.
171 Tremont LLC proposes replacing the existing 17,752-square-foot office building at 171-172 Tremont St. and building the condominiums in its place.
http://www.bizjournals.com/boston/re...n-theater.html
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Old 12-30-2014, 08:36 AM   #2
BosDevelop
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Re: 171 Tremont Street

Is it just me or does the math not add up? 355 foot building with only 31 units? are there only 1-2 units on each floor? How many parking spots if only 31 units? I have been wondering about this spot for years since it was first built as the sales office for the Ritz towers.
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Old 12-30-2014, 08:40 AM   #3
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Re: 171 Tremont Street

They'd have to build one sexy ass slim building if they want to woo the BRA and the public and get people's minds off the shadows its going to create
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Old 12-30-2014, 08:42 AM   #4
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Re: 171 Tremont Street

Parking? But the T is right across the street!
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Old 12-30-2014, 08:42 AM   #5
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Re: 171 Tremont Street

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Originally Posted by BosDevelop View Post
Is it just me or does the math not add up? 355 foot building with only 31 units? are there only 1-2 units on each floor? How many parking spots if only 31 units? I have been wondering about this spot for years since it was first built as the sales office for the Ritz towers.
This site is tiny. This will be a very skinny building. It's the site where this 4 story Millennium office is.

https://maps.google.com/maps?q=171+T...pgn0tF8OpafYZQ
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Old 12-30-2014, 08:45 AM   #6
dirtywater
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Re: 171 Tremont Street

It would have to be a slim building. The lot is only 4,438 sf according to the article linked above. Presumably there would be one very high end unit per floor.
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Old 12-30-2014, 08:56 AM   #7
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Re: 171 Tremont Street

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Parking? But the T is right across the street!
I am all for trying to sell multimillion dollar condos on the Common without any parking. Let's see if it happens. I have my doubts if they really are only going to have 30 units. Won't the average unit cost have to be at least $2-3million in order to make this investment work? They paid $16 million just for the land. A 300+ foot tower, even if ultra slender, can't be cheap.
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Old 12-30-2014, 09:04 AM   #8
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Re: 171 Tremont Street

Cool stuff, looking forward to seeing the renderings!
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Old 12-30-2014, 09:05 AM   #9
PaulC
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Re: 171 Tremont Street

I'm sure they will have no trouble selling out. Millennium is already sold out:
http://boston.curbed.com/archives/20...y-sold-out.php

Here are the top 10 Boston homes sales and prices of 2014:
http://boston.curbed.com/archives/20...es-in-2014.php
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Old 12-30-2014, 09:09 AM   #10
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Re: 171 Tremont Street

This would be a great opportunity to increase footprint by making the font undulate or slant out so that it overhangs the sidewalk... a way to make statement architecture financially defensible.
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Old 12-30-2014, 09:19 AM   #11
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Re: 171 Tremont Street

its about time this site was redeveloped, anyone remember or have a picture of the original building that's underneath the building now there? also what other building built or proposed is the same height just for comparison?
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Old 12-30-2014, 09:32 AM   #12
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Re: 171 Tremont Street

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also what other building built or proposed is the same height just for comparison?
I think the closest in height is 45 Province Street. ~345'
Also Federal McCormack Building 345'
Ellison Building (Mass General) 342'

Then Christian Science Center is 370'.

I guess the best approximation would be the skinny sides of 45 Province and CSC.
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Old 12-30-2014, 10:12 AM   #13
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Re: 171 Tremont Street

The condo fees will be outrageous! ~350ft building with elevator(s), presumably a door staff, other typical "lux" amenities, maintenance staff, window washing, and so on....divided roughly by 31? I'd ball park it at $10K a unit, per month.
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Old 12-30-2014, 10:23 AM   #14
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Re: 171 Tremont Street

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The condo fees will be outrageous! ~350ft building with elevator(s), presumably a door staff, other typical "lux" amenities, maintenance staff, window washing, and so on....divided roughly by 31? I'd ball park it at $10K a unit, per month.
If you're paying $10 million for the unit, condo fees that take 10 years to even come out to a million are not going to stop you...
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Old 12-30-2014, 11:56 AM   #15
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Re: 171 Tremont Street

But what about the shadows cast over The Common!?
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Old 12-30-2014, 12:15 PM   #16
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Re: 171 Tremont Street

How much space in between the buildings is for 171 Tremont, I wonder.
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Old 12-30-2014, 01:24 PM   #17
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Re: 171 Tremont Street

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If you're paying $10 million for the unit, condo fees that take 10 years to even come out to a million are not going to stop you...
Agree. This building is going to be straight out of Manhattan in terms of who can afford to live there. 31 units seems so small for the size.
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Old 12-30-2014, 01:40 PM   #18
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Re: 171 Tremont Street

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Originally Posted by Boston02124 View Post
its about time this site was redeveloped, anyone remember or have a picture of the original building that's underneath the building now there? also what other building built or proposed is the same height just for comparison?
I don't have pics available but I know a little of the history. The building on this spot had been a music store, maybe 2 or 3 stories when it was bought by the Daughters of St. Paul, publishers of Catholic material. They tore down the building to erect a convent over a new and spacious store cum chapel. It was a truly homely modernistic building with nothing recommending it architecturally. Millennium bought them out and reclad/redesigned the building as the sales office for its new skyscrapers (it actually looks much better now). I can't wait to see what will be proposed here and how many stories the new owners will be forced to remove (I would think to coincide with the apt/condos next door and up the street.).
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Old 12-30-2014, 01:40 PM   #19
BosDevelop
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Re: 171 Tremont Street

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Originally Posted by FortPointGuy View Post
31 units seems so small for the size.
Someone mentioned 45 Province upthread. According to this (http://brunercott.com/featured_proje..._province_st#0), it cost $120 million to build 45 Province 5 years ago. Understandably, 171 Tremont will not costs as much as it is not nearly as wide. But even taking $80 million as the construction cost together with $16 million in land acquisition costs and these units need to average over $3 million each just for the developers to break even. And I think $10,000/month condo fee sounds low if there are only 31 units.
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Old 12-30-2014, 01:56 PM   #20
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Re: 171 Tremont Street

I don't think 3/mil per unit average is all that crazy. The top floor units are likely to be in the 10+ range. It will be in a prime location with personally what I think is a better, more dynamic view too than say Fan Pier.

When you're paying that much for a condo I'm not even sure the fees matter.
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