Latest news with #MillenniumTower
Boston Globe
30-07-2025
- Business
- Boston Globe
Downtown Boston housing prices have stagnated. Here's what that means for the city.
And, in some ways, that's exactly what happened. A sorely needed supermarket — Roche Bros. — moved in as part of the project, as did other retail. Still, lots of storefronts on Washington Street remained empty, many for years on end. And then, in the spring of 2020, COVID drove workers — and some residents — away. Pabu shut its doors permanently. Advertisement Now, as office building prices Advertisement The drive to build makes sense: Who wouldn't want to live within a 10-minute walk of Boston Common, Beacon Hill, Chinatown, and Back Bay? If you work in the Financial District, you could stroll to the office in a few minutes, rather than inching along I-93 for an hour — or two — every day. But here's the problem. While housing prices in Massachusetts have Take, as an example, Meanwhile, between 2014 and 2025, homes in the Boston metro area — which includes a wide swath around the city — have So what's going on, and what does it all mean? Why haven't downtown housing prices appreciated? According to experts, there are a few reasons. First, there has been an exodus to the suburbs — even among Millennials who once seemed to embrace city life. In the 2010s, we heard a lot about young people opting for urban areas, notes Riordan Frost, a senior research analyst at the Harvard Joint Center for Housing Studies. But now, he says, 'more Millennials are suburbanizing than are not.' Advertisement That's in part because of the pandemic, according to Frost. Lower-density dwellings and remote work became more popular. And demand for suburban living has pushed up home prices more quickly in 'lower-density suburban counties, smaller metro counties, and non-metro counties.' But, he notes, 'prices are still the highest in urban counties and higher-density suburban counties,' so less dense places still feel like a bargain in comparison to Boston and nearby towns. 'Those who can afford the $5-10 million to buy a brownstone' in Back Bay, the South End, or Beacon Hill sometimes do, says Alexandra Conigliaro Biega, a principal at the realty firm Compass. But most don't have that kind of money. And few places in Boston accommodate families with two or three kids, who want a parking spot. 'Add the [mortgage] rates on top of that, and they're fleeing to the suburbs,' says Biega. (She believes that foreign buyers were also more active in the purchasing of luxury condo units during the Millennium Tower Another reason downtown prices haven't appreciated is that — despite Advertisement And the less often workers have to go into the city, the less painful it is to endure traffic. A commute that might seem intolerable if you have to do it every day might seem quite reasonable twice a week. That has resulted in ' Downtown Crossing in particular — compared with other Boston neighborhoods — has struggled to bounce back. 'There's a pocket over there that's a little unsafe and not that desirable,' says Biega. According to Boston Police, 995 crimes were reported downtown in 2024 — 'the highest level in at least seven years,' Mayoral candidate Josh Kraft has Finally, when it comes to price appreciation for downtown homes, there's this: Most of the homes in question are condos. And 'condos are fundamentally different from single-family housing,' says Leah Brooks, a professor of public policy and public administration at George Washington University. Advertisement Brooks offers up elevators as a case in point. 'Even if you live on the first floor, the condo still has an elevator.' Which, along with the landscaping, roof, and so forth, are 'public goods,' she says, and have to be maintained. But her research suggests that because not all condo owners benefit equally from public goods — for example, units on the first floor may not care about the state of the elevator — buildings can be under-maintained. 'Condos have much greater age-related depreciation than single-family homes,' she says. This problem can be particularly acute if residents are lower-income and struggle to afford special assessments — temporary payments that can be crucial to fixing expensive parts of buildings, like roofs. Still, the City and State are Of course, lawmakers can't compel lawyers or financial analysts to come into the office five days a week. Nor can they easily win over families hankering for a lawn. But they can make a real effort to make Downtown Crossing as clean and family-friendly as other nearby neighborhoods. Residents, tourists, and workers alike deserve no less. Follow Kara Miller
Irish Times
18-06-2025
- Business
- Irish Times
Look inside: Dublin docklands penthouse with views from Howth Head to Dún Laoghaire harbour for €1.25m
Millennium Tower may no longer be the tallest residential block in Dublin , but number 78 is the highest apartment for sale in the country, according to selling agent Owen Reilly . The 18-storey tower block, designed by O'Mahony Pike, is at the corner of Charlotte Quay on the Grand Canal Basin. The landmark property was built in 1999 to be mixed-use with apartments, offices and a restaurant in the same building. There are three penthouses in the tower. Number 78, which is on the market for €1.25 million, is on the eastern side and has two bedrooms and two bathrooms. The rooftop apartment has changed hands a few times over the past decade. In 2017 it sold for €880,000, according to the property price register. After upgrading that included insulation and the installation of a new heating system, it went on the market again in 2022, this time selling for €1.1 million. The one thing that has remained a constant at this penthouse is the view. On a clear day you can see from Howth Head to Dún Laoghaire harbour, and everything in between. The floor-to-ceiling triple-aspect windows create a light-filled home, with owners having a bird's-eye view of the city and the ability to watch the weather roll in and out over the capital. READ MORE Hallway Living space Kitchen It is set out over 123sq m (1,323sq ft). A long, wide hallway leads into the open-plan living space. The views are the first thing to hit as you enter the room, which has a sleek kitchen along one wall and an island with a breakfast bar. There is a dining area at the windows and a living area with built-in TV. Noisy appliances such as the washing machine and tumble dryer are tucked away from the living areas into a utility room. The wraparound terrace has thick rails that add a sense of safety to those who don't have a head for heights. The basin is directly below, with owners looking down over Grand Canal Dock and the Aviva Stadium beyond. The first bedroom has built-in wardrobes and a balcony, with a bathroom across the hall. The dual-aspect main bedroom is large and bright and has a dressing area behind the custom-made bed unit with fitted wardrobes as well as an en suite with a double shower unit. The balcony off the bedroom overlooks the tall red glow sticks that were designed by architect Martha Schwartz to give a red-carpet effect to the entrance of the Bord Gáis Energy Theatre. If the city lights are too much, electric window blinds can be lowered at the touch of a button. Main bedroom Dressing area in bedroom Terrace No 78 at the top of the Millennium Tower Although a car will not be required too often in this central location, two designated parking spaces are included in the sale of the C3-rated apartment. The millennium may feel like a long time ago, but this development named in its honour has stood the test of time, with several original owners still in situ. There is a high proportion of owner-occupiers at Millennium Tower, with Owen Reilly noting that recent sales have been to international tech workers and those looking for a low-hassle and secure Dublin base.
Yahoo
17-06-2025
- Business
- Yahoo
BubbleDeck International Celebrates 30 Year Milestone In Transformative Construction
BubbleDeck International celebrates 30 years of pioneering bi axial voided slab technology, with global achievements and the start of a bold new chapter in construction design. Farum, Denmark , June 17, 2025 (GLOBE NEWSWIRE) -- BubbleDeck International, one of the leaders in sustainable construction innovation, is proud to mark its 30-year milestone, a celebration of engineering ingenuity, global collaboration, and continuous evolution. What began in 1996 as an ambitious solution to a concrete design challenge has grown into a transformative construction method used in over 30 countries worldwide. BubbleDeck International's BubbleDeck TechnologyThe company's signature technology, commonly known as 'bi-axial voided slab,' was developed by Professor Jorgen Breuning, who responded to a competition seeking faster and more efficient building systems. Though the competition declared no official winner, it intrigued Breuning to develop a groundbreaking concept: using recycled plastic bubbles within concrete slabs to significantly reduce weight without compromising structural strength. This pioneering system would come to be known as BubbleDeck Technology. 'My father finally solved one of the most common challenges in traditional construction, ' says Kim Breuning, current CEO and son of the inventor. Now celebrating three decades of impact, BubbleDeck Technology has become synonymous with smart, lightweight, and sustainable construction. By reducing concrete usage by up to 35% and enabling long, beamless spans and cantilevers, the system delivers both material savings and design flexibility. It merges the strength of in-situ construction with the speed and precision of prefabrication, an advantage that has made it particularly attractive for high-rises, car parks, data centers, and complex structures. 'The key is that we don't just offer a product, we provide a tool,' Kim explains. 'One that allows architects and engineers to optimize their designs from the earliest stages. The earlier we're brought into a project, the more we can enhance it.' Over the years, the company has built robust partnerships in 15 countries, from the Netherlands and Brazil to Malaysia and North America. BubbleDeck's concrete is always produced locally, ensuring streamlined logistics, minimal environmental impact, and local economic benefits. 'We don't enter new countries with traditional marketing,' Kim notes. 'We form strong, mutual partnerships where the technology speaks for itself.' Among its standout projects are the buildings in Italy, striking churches and museums in Brazil, and early high-rise work in the Netherlands, including the Millennium Tower. In North America, the system has been widely adopted in university projects, while in Malaysia, it's favored for large-scale data centers. This adaptability, coupled with the system's inherent sustainability, has made BubbleDeck Technology a natural fit for future-facing cities. The Millennium Tower Under ConstructionThe environmental benefits are clear. Not only does BubbleDeck Technology reduce concrete volume and transport emissions, but the plastic bubbles are made from recycled materials and can be recycled again after demolition. The monolithic slab system also enhances building lifespans by enabling more flexible interior layouts, reducing the likelihood of demolition due to obsolete configurations. As BubbleDeck International looks forward, new horizons are opening. The company is currently laying the groundwork for expansion into the UAE and plans to introduce a next-generation version of its system that incorporates post-tensioning techniques for even faster, more efficient precasting. Testing is expected to begin later this year, with the first completed project anticipated within two years. BubbleDeck TechnologyReflecting on three decades of innovation, Kim sees BubbleDeck International's journey as more than a business success. 'It's amazing to try to change such a huge, traditional, and slow-moving system,' he says. 'Construction has not always embraced change. But seeing how our approach benefits buildings, communities, and the planet, that's what keeps us moving forward.' As the company enters its fourth decade, BubbleDeck International remains committed to advancing sustainable construction, deepening global partnerships, and providing flexible, future-ready solutions for the world's growing cities. With innovation baked into its foundation, the next 30 years promise to build on a legacy of smart thinking and even smarter Contact Name: Kim Breuning Email: info@
Wall Street Journal
14-06-2025
- Business
- Wall Street Journal
Millennium Tower Stopped Sinking, but Apartment Values Did Not
Craig D. Ramsey thought he was getting a deal. In 2016, amid reports that San Francisco's infamous Millennium Tower was sinking, he paid $13 million for a penthouse there, convinced that once the building's structural problems were rectified, the unit's value would soar. The purchase price was a significant discount from the nearly $20 million the previous owner, the late venture capitalist Tom Perkins, spent to buy and build out the unit.
Daily Mail
13-06-2025
- Business
- Daily Mail
Eyewatering sums rich homeowners have lost on San Francisco condos in city's infamous 'leaning tower'
Rich homeowners lost millions of dollars after buying condos in San Francisco's leaning Millennium Tower. Residents of the 419-unit high rise were informed in 2016 that the building had started sinking, which was also causing it to tilt. By that time, multi-millionaires had already snatched up apartments and penthouses with some spending upwards of $10 million to build out their high rise homes. The problems were resolved in 2023, f ollowing an extensive infrastructure project worth over $100 million, but the value of the homes inside have yet to rebound due to the litany of problems. Craig D. Ramsey purchased a penthouse inside the building for $13 million after being convinced that once the issues were fixed the price of the unit would soar. Ramsey had bought the property from the late venture capitalist Tom Perkins, who spent an astonishing $20 million to buy and build out the penthouse in 2009. Ramsey, who already owned a unit in the building, told The Wall Street Journal: 'I knew there was an issue. I just thought about the value I was getting.' In January of this year, Ramsey sold the property on for $9 million. Less than w hat Perkins had paid for the raw shell in 2009. Ramsey, a tech entrepreneur who co-founded a firm sold to Saleforce for $1.3 billion, added: 'It was insignificant. I lost a couple million dollars. So what? You move on.' The tech entrepreneur co-founded a software company that he sold to Salesforce for $1.3 billion in 2020, and owns other homes. Ramsey had also parted ways with his smaller unit on the 54th floor for $2.725 million, representing a loss of 37 percent from the $4.3 million he paid in 2012. The downtown San Francisco behemoth rests on a 10-foot deep concrete foundation made of soft soil and landfill. The developer, Mission Street Development LLC, blamed the sinking problem on construction of the nearby Transbay Transit Center by the Transbay Joint Powers Authority for destabilizing the ground below the tower. But according to local reports, the sinking started before the infrastructure project launched. Overall, residents of the building were saddled with $6.8 million of the roughly $20 million extra the project ended up costing over the original budget. It had originally been projected to cost around $100 million. During construction, however, the tower experienced more sinking and leaning. The homeowners association is now determined to shift the narrative and help boost the value of the homes. Dr. Joel Piser, resident and president of the board of the HOA, told the outlet: 'We've gotten so much negative press. 'We were easy targets—a bunch of people who have been successful in life and then are faced with this challenge. 'Now, we have something to counter it with. We have met the project's objective to stop the building from settling, and we're recovering.' In an analysis by the outlet of nine sales that had closed this year as of late May, they found that on average a seller lost on average 20 percent. Last year there was 16 recorded sales inside the building, with an average loss of 20.5 percent. One owner sold a unit on the fifth floor for $720,000 in late last year, a 52 percent from what the seller paid in 2015. At the start of this month there were 11 active listings inside the building on Zillow, ranging from $588,000 to $4.995 million, all besides two were listed for less than what was originally paid. The glossy, 58-story, all-glass building, located at 301 Mission Street, was completed in 2009 and is the tallest residential building in the city. Equipped with a 75-foot indoor lap-pool, a health club and spa, in-house cinema, and a restaurant and wine bar run by celebrity chef Michael Mina, all 419 apartments were quickly filled with wealthy residents when it opened. Penthouse suites sold for more than $10million, with the cheapest apartment selling for $1.6million. Gregg Lynn of Sotheby's Realty, told the outlet: 'There was incredible energy and enthusiasm about it. And consumers paid very high [prices].' Lenders started blacklisting homes, forcing prospective buyers to either pay all cash, or find alternative financing. Lawsuits were also filed by homeowners, that have since been resolved via a 'global settlement' completed in 2020. The terms of the settlement haven't been made public. Part of the agreement, the Journal said, was that the defendants would compensate owners for the dip in their property value. The figures were kept confidential. Ronald O. Hamburger, the structural engineer who oversaw the repair project, told the outlet that the project in itself was unprecedented. His team installed 18 pilings to supper the building's foundation, then moved the weight onto the new pilings. He said: 'It was like a bumper jack jacking up your car, only they were jacking up 200 million pounds.' In an attempt to bring lenders, insurance companies and buyers back into the fray, the HOA also commissioned a short film to document the pile project. Piser told the outlet that the aim was send a message that the building was open for business. He said that Citizens Bank has since cleared a $5 mortgage in the building. Local agent Bryant Kowalczyk added: 'The financing aspect has gotten a fair amount of people off the sidelines. The building kind of has nowhere to go but up.' Girish Mirchandani moved into the building earlier this year, paying $850,000 for a unit that the seller paid $1.545 million in 2016. He told the outlet that the news of someone paying $9 million for a penthouse gave him the confidence and lenders opening up their books to those in the building. Mirchandani said: 'I figured if someone's spending that on the penthouse, they've done their due diligence. Then, when my bank opened up lending there, it made it kind of a no-brainer.'
