This Week in Boston Real Estate: Winthrop Square tower, local mayors sign on to housing and more

by Zachary Wright

Millennium Partners got confirmation to begin building its 691-foot, 1.6 million-square-foot condo and office tower at the site of the Winthrop Square Garage. On Sept. 27, Millennium Partners announced they had closed on a deal to purchase the garage and future site of the tower. The deal was negotiated between Millennium and the city of Boston. The final cost of buying will run about $163 million with an upfront payment of $102 million. The city was the seller. The tower is designed by Handel Architects, a New York based company. It is destined to be one of the tallest buildings in Boston and looks to finish in 2022.

In other real estate news:

  • The Metro Mayors Coalition including 15 Boston-area mayors signed on to a commitment to build 185,000 new housing units by 2030. This follows Boston Mayor Marty Walsh’s pledge in September to build 69,000 new units in Boston proper by the same year. The announcement was made Oct. 2. Cities and towns include Boston, Cambridge and Somerville – areas that had an influx of 110,000 new residents since 2020. The increasing rate of population growth is expected to remain constant. To prepare, some municipalities have already made their own preparations. The coalition said they plan to develop a wider variety of housing, including affordable homes for special needs residents.
  • Amy Rutkowski has been named the chief of staff by the Carucci Group – a division of Gibson Sotheby’s International Realty. Larry Rideout, chairman and founder of Gibson Sotheby’s International Realty, said Rutkowski’s impressive 20-year career has given her a great reputation in Boston. “Amy is a business builder with a reputation for integrity and delivering on her promises,” Rideout said. “She understands the power of collaboration and communication in driving success across a large real estate network, and we are truly excited to welcome her to the Gibson Sotheby’s International Realty family.”
  • “Zombie homes” haunt Massachusetts, according to NBCBoston. In spite of a booming real estate market, abandoned homes remain an issue. Many of these bank-owned homes, sitting vacant since the financial crisis of 2008, drive property values down – becoming fire hazards or home to squatters. Local authorities have turned to a state program to combat abandoned homes, which could increase the financial burden of taxpayers.
  • Boston was ranked No.6 in new office space completed in 2018, according to a survey by Commercial Café. In 2018, Boston constructed 3.6 million square feet of new office space with large buildings like 121 Seaport. So far this year, Boston has constructed 22 new office buildings. The Bay Area in California placed first, with a little over 11 million square feet from 43 new buildings.

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