Millennium Tower going up, and the inside scoop (301 Mission)

This is a poach with permission from sfnewdevelopments.com and our friend Mark Choey. Thanks Mark!

millenium3.jpg

Located on Mission St between Beale and Fremont St near San Francisco’s Financial District and right next to the Transbay Terminal site, the entire project will consist of 419 condos in 2 towers: one at 11 stories and another at 59 stories.

The taller tower will be a 59 story building with 362 total units. It will be the tallest residential condo building west of the Mississippi – even taller than 1 Rincon Hill apparently and the 4th tallest building in San Francisco. It will be separated into several different classes of condos: “The Residences”, “The Grand Residences”, and “The City Residences” and each will be accessible via separate lobbies.

Floors 3-25 will consist of “The Residences” and will feature:

* 191 total condos

* 9 units per floor

* a mix of 1BR’s (80 total), 2BR’s, and 2BR’s + Den

Floors 26th and above are known as “The Grand Residences”:

* The lower 22 floors from the 26th floor to the 48th floors will have 6 units / floor

* 49th floor and above to the penthouses will be 4 units / floor

* The top 2 floors will be exclusive penthouse units with only 2 units / floor

* The 60th Floor will feature two terraces

* All units will either be 2BR/2BA’s, 2BR/3BA’s, 3BR/2BA’s, or 3BR/3BA’s.

The shorter 11 story building is called the “City Residences”:

* Tribeca-style loft spaces ranging in square footage from 1400-2000+ sf

* There will be a total of 53 units in this building:

* 17 one bed/two baths and 36 two bedroom/two baths

Apart from the 5-star hotel service, there are tremendous amenities in this building including a ground-floor celebrity-chef restaurant, a 20000 sf Club Level, a 5500 sf fitness center run by Sports Club LA, a 75 ft lap pool under a skylight right by the courtyard, a tasting room and a wine room that will house a $3M winelist.

339 dedicated parking spots for 419 units means that 80 units will not have deeded parking but leasing plans are currently being worked out – but we feel with this central downtown location and the future of the Transbay Terminal quickly being decided, lack of deeded parking shouldn’t be as much of an issue as it is in other less conveniently located buildings.

Currently pouring concrete on the 42nd floor, they are averaging 1 floor per week. The glass curtain is currently being installed somewhere around the 35th floor.

Close of Escrow is scheduled for Spring of 2009.

And of course, when we finally get in there, we’ll give you our two cents too. Thanks again Mark!

-All things One Rincon Hill [theFrontSteps]

-Transbay Terminal [theFrontSteps]

-Millennium Towers [website]

One thought on “Millennium Tower going up, and the inside scoop (301 Mission)”

  1. Close of Escrow is scheduled for Spring of 2009.

    I have a question. Close of escrow is when – title is given against a big chunk of money. Right?

    So if they advertise “58% sold” what does that mean? that you can buy an “option” lasting about 18months? what is the cost of an option in % to the total price of the unit?

    Is the “option” money in the builder’s pocket in the mean time (I would guess so as he needs money to build the thing).

    please explain – risks, advantages, or anything else related to that type of new development (same goes for the infinity etc).

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