Millennium Interactive Floor Plans
A few things you might already know about the Millennium rising: 419 condos divided into three different “Residences” (each with separate lobbies, elevators, homeowners associations, and distinct finishes). The 11-story midrise will consist of 53 units dubbed The City Residences; while over in the 60-story tower floors 3-25 will consist of 191 units dubbed The Residences and floors 26-60 will consist of 175 units dubbed The Grand Residences.
The two penthouse floors (10,700 square feet on the 59th floor and 9,500 square feet on the 60th) will likely be delivered as raw space (an approach of which we are fans). And residents across all Residences will have access to the extensive second floor Club Level (an “urban country club” which will include a fitness center run by Sports Club/LA, private wine lockers and tasting room, pool and outdoor terrace, and a private lounge and dining room served by the highly anticipated wine themed restaurant on the first floor that has yet to be announced).
There are a total of 340 parking spaces in the building (with leased offsite parking in the works for those who don’t get a space). The building is expected to be finished spring 2009. And the sales office opens next Thursday (11/08/2007).
And now here are a few things you (probably) don’t already know: the sales office will begin accepting ten percent (10%) deposits upon opening; early rumblings suggest prices could start at a little over $1,000 a square foot (which is less than we were expecting) and go as high as $2,200 for the penthouses (you can do the math on that one); and monthly HOAs are expected to range from $774 to $1,750 (which is surprisingly low compared to the Four Seasons or St. Regis).
Oh, and did we mention that interactive floor plans, interior renderings, unit features, and simulated views for most of the Residences are now live on the Millennium website?
Inside The City Residences:
Millennium City Residences Interior Renderings
Inside The Residences:
Millenniun Residences Interior Renderings
Inside The Grand Residences:
Millennium Grand Residences Interior Renderings
And yes, the interactive Flash floor plans are painfully slow to load the first time, but do have patience.
Millennium Tower [millenniumtowersf.com]
Millennium Tower: Sales Timeline, Additional Details And Renderings [SocketSite]
Millennium Tower (301 Mission) Website: Alive And Kicking [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by blahhh

    HOAs are quite a bit lower than St. Regis and Four Seasons because the level of services is still not in the same league of five star hotels. But it comes closer than just about everything else. The finishes are superb. I especially liked what they’ve done with the City Residences. It sets a great example to show that city condo living can & should be much more than just high floor views, and lower level units can demand high floor prices if they are uniquely designed.
    None of the 1bd units (about 100 of them) will have parking, not even valet. However, the top 10 floors of 40 larger units all come with 2 spaces. Starting around $3.5mil, you get to keep 2 cars. Most other 2bds will have either a space or valet. There’s also a monthly fee for each parking, valet or assigned.
    The Millennium does suffer a bit from lack of views. The location is also not as livable and romantic as the Infinity’s waterfront position in terms of outdoor activities. However, the development makes it all up by using the newest and probably the best finishes we’ve seen so far of all the large new developments. Services are also lovely for those willing to pay around $1500/month. Of course they come at a cost. The prices here make the Infinity look like a bargain. I remember people saying how more developments such as Millennium and Turnberry will “flood the market” and drive down prices in the luxury market. Well, it just doesn’t look like it’s gonna happen. Of course we don’t know for sure until we see how fast people put down their 10% deposits. Place your bets…
    Excellent project!

  2. Posted by tipster

    It won’t flood the market as much as it will provide a very attractive alternative. The so called luxury buildings will of course, pale by comparison, in terms of finishes, amenities, and location and will have to accept buyers in the second tier.
    It’s as if you are the only girl in your high school your freshman year: you just don’t have to be that good to get lots of dates. But when 419 new girls show up on the first day of your sophomore year, all of them prettier, you aren’t going to be wined and dined any longer, the attention will be *gone* and you’ll have to accept less. And the fact that all 419 are not high maintenance is not going to help your case!

  3. Posted by will_h

    10% deposits? I thought 3% was the maximum per CA state law.

  4. Posted by anono

    3% is the maximum non-refundable deposit, but a seller can demand whatever deposit they want to reserve a unit.

  5. Posted by Trip

    I.e. a seller can demand any deposit they want, but if the buyer cancels, the seller can keep no more than 3% (and the buyer can challenge even that 3%, but that’s a pretty tough battle).

  6. Posted by tom

    Actually, a seller can keep more than 3%. The 3% law only effects the shifting burden of proof. If you put 10% down at the Ml, prices fall by more than 10% or even close and you try to get out, no court will hold the provision invalid – they will get your money.
    There are a lot of people on here that frequently talk about the 3% protection, but there is none. Don’t go put your money down expecting to get it back based on some conclusions on a message board.
    btw: nice building.

  7. Posted by missionbayres

    Tipster, you point is well made, but don’t forget these 419 new girls will be 20% higher than both Infinity and Rincon. And IMO, Infinity is still the superior location to live in. So would I pay upwards of $1800/sqft for a view unit at Millenium vs $1200/sqft for the same view unit at Infinity? NO, and IMO Infinity has more upside.
    And these pricing can only be a good thing for Infinity and Rincon in the long run…
    I’m guessing the 1bed units won’t have parking since the majority will be used as pied a terres. But still, at those prices one would assume they would get at least one parking space.

  8. Posted by 94114

    What’s with the fancy website? It’s very annoying. Is it just me or is anyone else tired of seeing the same glossy photos of SF on every luxury condo project website? By the time I get to the floorplans, I’ve already lost interest.

  9. Posted by SFhighrise

    Tipster, while I understand your logic, there is another piece to this. You are comparing apples to oranges. The same buyer that is considering One Rincon, Infinity, etc will not be looking at Millenium, St. Regis, etc. The former will be a fairly affluent professional, while the latter will be very wealthy. For this reason, the introduction of the Millenium will not canabilize sales at One Rincon or Infinity.

  10. Posted by missionbayres

    And while I think this development will be a good investment in the long run, don’t forget that the Transbay Terminal a few yards away will start demolishing and construction around the same time Millenium starts closing escrow ~ mid 2009. That will last till 2015 or later. So I hope the residences there are prepared to deal with dust, noise and construction for the foreseeable future…

  11. Posted by Trip

    Tom is right that the 3% liquidated damages law is a bit more complicated — I was just using a useful shortcut. While it is true that strictly speaking, the provision concerns the burden of proof, in the real world, whomever has the burden loses because it will cost too much to litigate the issue (but if it does go to litigation, you could REALLY end up paying a lot).
    Here is the key text in the statute for those who are interested (there are additional nuances — the 3% limitation only applies to those intending to live in the place, and there are even more complicated rules for new complexes like this one):
    Cal. Civil Code § 1675
    (b) A provision in a contract to purchase and sell residential property that provides that all or any part of a payment made by the buyer shall constitute liquidated damages to the seller upon the buyer’s failure to complete the purchase of the property is valid to the extent that payment in the form of cash or check, including a postdated check, is actually made if the provision satisfies the requirements of Sections 1677 and 1678 and either subdivision (c) or (d) of this section.
    (c) If the amount actually paid pursuant to the liquidated damages provision does not exceed 3 percent of the purchase price, the provision is valid to the extent that payment is actually made unless the buyer establishes that the amount is unreasonable as liquidated damages.
    (d) If the amount actually paid pursuant to the liquidated damages provision exceeds 3 percent of the purchase price, the provision is invalid unless the party seeking to uphold the provision establishes that the amount actually paid is reasonable as liquidated damages.
    (e) For the purposes of subdivisions (c) and (d), the reasonableness of an amount actually paid as liquidated damages shall be determined by taking into account both of the following:
    (1) The circumstances existing at the time the contract was made.
    (2) The price and other terms and circumstances of any subsequent sale or contract to sell and purchase the same property if the sale or contract is made within six months of the buyer’s default.

  12. Posted by diemos

    “Tipster, while I understand your logic, there is another piece to this. You are comparing apples to oranges. The same buyer that is considering One Rincon, Infinity, etc will not be looking at Millenium, St. Regis, etc. The former will be a fairly affluent professional, while the latter will be very wealthy. For this reason, the introduction of the Millenium will not canabilize sales at One Rincon or Infinity.”
    Well, I guess it’s lucky for the very wealthy that someone is building the Millenium otherwise the very wealthy would be wandering the streets homeless with nothing to buy. Your assertion that the buyer pool is non-overlapping is specious.

  13. Posted by RinconHill_Res

    “Tipster, while I understand your logic, there is another piece to this. You are comparing apples to oranges. The same buyer that is considering One Rincon, Infinity, etc will not be looking at Millenium, St. Regis, etc. The former will be a fairly affluent professional, while the latter will be very wealthy. For this reason, the introduction of the Millenium will not canabilize sales at One Rincon or Infinity.”
    There is no doubt that this is correct. The target buyers will fall somewhere between the ORH/Infinity level and the St. Regis/Four Seasons level, and likely closer to the latter.
    Right now, the peer group for ORH/Infinity will be Turnberry, the Californian (when its development gets back on track, and it will, just with another developer), and then those two twin residential towers that are expected to be built right next door to the Infinity on top of what is now a post office parking lot. That’s your peer group folks.

  14. Posted by High Rise Harry

    How many of those units will be BMV? I want to get on THAT list!

  15. Posted by Unowho

    10K + sq. ft. of raw penthouse space actually generated prurient thoughts. Heaven help me.

  16. Posted by Jordan

    “10K + sq. ft. of raw penthouse space actually generated prurient thoughts. Heaven help me.”
    … and I just spit my water all over my monitor …
    Hilarious!

  17. Posted by ca

    I have been watching the construction of this building and from the outside it looks like a nice office tower.
    Do the units have operable windows? I can’t see the operable windows on the facade. I can’t imagine living in a unit in SF that needs mechanical ventilation 365 days a year. Talk about not being sustainable…

  18. Posted by kaya

    I agree the website is cliche. So that’s what rich sounds like… (suspiciously similar to what “low class” rich sounds like at the Infinity).
    I’m not sure I get tipster’s smurfette analogy. How are these 419 “new girls” lower maintenance?
    No matter your choice in 4-syllable luxury condos, I’m sure your neighbors will be high-maintenance :)

  19. Posted by MOW

    Hmmm. The first posting by blahhh reads suspiciously like someone involved in this project

  20. Posted by rincon

    Mow – I think you are right. As for comparisons, lets break it down. The project is too large to make general comparisons and is really 3 seperate projects. The Grand Residences, flrs 26 +, prices starting around 2.5 Million, HOA’s 1300-1750 NOT including parking fees will be homes for the wealthy very similar to St Regis and Four Seasons. (same company as Four Seasons)
    The Residences 3-25 will be priced more in line with Infinity and ORH. Same is true for the City Residences, which are my favorite plans. Differences in amenities, views, parking, and location will be reflected in the prices.

  21. Posted by Jamie

    I believe the only BMRs in the new residential will be that associated with the Transit Center property and will more or less be apartment rentals.

  22. Posted by Noe 94131

    ca asks @ 11:16 —
    “Do the units have operable windows? . . . I can’t imagine living in a unit in SF that needs mechanical ventilation 365 days a year.”
    You might feel differently after visiting someone who has a high rise home. I was surprised by how unpleasantly loud the generalized street noise is when a window is open, at both the Four Seasons and Pox Plaza (the noise doesn’t care if you live in a penthouse or a hellhole-in-the-sky). Much louder than the freeway noise you hear from, say, Esprit Park (remembering a SocketSite comment earlier this week).
    If you lived there, I expect you’d learn to live with closed windows most of the time, as unpleasant (I agree) as that prospect is.

  23. Posted by missionbayres

    “Do the units have operable windows? . . . I can’t imagine living in a unit in SF that needs mechanical ventilation 365 days a year.”
    These windows open a max of 5-6 inches. There’s some regulation for highrise windows that don’t allow them to open wider.
    Personally I wouldn’t buy a condo without a balcony or terrace (I don’t think Millenium has any balconies). Sure, some will say they never use their balcony, but when a window only opens 5 inches, it’s a godsend to be able to step outside for some fresh air without having to leave the building…

  24. Posted by blahhh

    “Personally I wouldn’t buy a condo without a balcony or terrace (I don’t think Millenium has any balconies). Sure, some will say they never use their balcony, but when a window only opens 5 inches, it’s a godsend to be able to step outside for some fresh air without having to leave the building…”
    The penthouse level aside, only a few units at the very bottom have terraces. And those units will charge a premium.

  25. Posted by ???

    Wow, I like the midrise. I wouldn’t mind the location since its in the heart of FIDI and transportation should be fine. Does anyone know the prices compared to the Infinity’s Midrise?
    I know Infinity’s price for the treetops are $725k-$750k for roughly 850s/f. This includes a deeded parking.
    Since The Mil wont have deeded parking… I wonder what’s the price range for a lower floor?
    Blaah, any insights?

  26. Posted by missionbayres

    “early rumblings suggest prices could start at a little over $1,000 a square foot…”
    Per Socketsite’s posting above.
    So roughly 20-25% more than Infinity’s treetops (which, including deeded parking, is quite reasonably priced).

  27. Posted by Noe 94131

    “Wow, I like the midrise. I wouldn’t mind the location since its in the heart of FIDI . . . .”
    Not wanting to argue, but is 1st & Mission now considered to be “in the heart of” the Financial District? I remember when it wasn’t. And, now that “FIDI” seems to be the accepted nickname for that part of town, would someone tell me whether it’s pronounced “Fie, die” or “Fiddy?” I hope the answer isn’t “eff-eye-dee-eye.” Thanks.

  28. Posted by will_h

    The City Residences are 1400sf – 1600sf starting at $1,000 psf. They are all formally 1BRs, but some have a “Flex Space” that can be converted into a second bedroom. I am loving the freestanding tubs. I never take baths, but I would if I had one of those. Also, ceiling heights are much higher in these units.
    Sales office is open on Thursday, but I’m hearing that it’s appointment only and booked right through the weekend. About 5% of all units are already reserved.

  29. Posted by james

    between the sports club la managing the onsite gym and michael minna being the onsite restaurant, this place is generating more buzz than anything i’ve ever seen before.
    rock on with your exclusivity of marketing. you don’t need looky loo’s wasting your time.

  30. Posted by Nick

    Millennium Tower is the most elegant, sophisticated, and upscale residential tower anywhere. This is as fabulous as it gets. Whoever tried to draw comparisons between the Millennium and the Four Seasons and St. Regis clearly don’t know what they’re talking about. First of all, the two hotels simply don’t have the caliber of grace and amenities of the purely residential building – nor the ceiling height. Second of all, The Millennium is owned and operated by the same people who created the Four Seasons and very concept of fusing hotel luxury services into residential life. The point of the Millennium is to bring the ultimate quality, comfort, and convenience to a purely residential environment. No hotel guests in the public areas. It’s purely residential, and it’s purely fabulous.

  31. Posted by lol

    Oh, you mean it’s a condo tower. Got it.

  32. Posted by Brahma (incensed renter)

    In the OP, the socketsite editor wrote:

    The two penthouse floors (10,700 square feet on the 59th floor and 9,500 square feet on the 60th) will likely be delivered as raw space (an approach of which we are fans).

    A few days ago, The Wall Street Journal posted a video of the so-called “Grand Penthouse”, the buyer was one of the founders of venture capital firm Kleiner Perkins Caufield & Byers.
    From A Penthouse for the King of Silicon Valley:

    Eighty year old venture capitalist Tom Perkins…newly completed two-bedroom, three-bathroom, 5,500-square-foot apartment on the 60th floor of San Francisco’s Millennium Tower, with views from the Golden Gate Bridge to the Bay Bridge and beyond.

    He used the same designer for the penthouse that he hired for his famous sailing yacht.
    According to The Journal, the cost of the penthouse was about $9.4M and he spent about $9M building it over the course of about two and a half years. Veblen Goods.

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