The Millennium: Grand Residence 'C' Plan
And speaking of The Millennium, J.K. Dineen digs up some additional details on pricing (and expectations):

“At the top of the 647-foot-tall building, a quartet of penthouses on the 59th and 60th floors of the blue-gray glass tower, prices will hover around $2,150 a square foot. With sizes ranging from 5,500 to 5,800 square feet, not including spacious outdoor terraces, that puts each penthouse around $12 million. On floors 49 through 58, the condos will range from $3.3 million to $6 million, an average of $1,670 a square foot. From 26 to 48, pricing goes from $2 million to $3.25 million, or $1,375 a square foot.

Even the bottom 25 floors, at $1,100 a square foot, are richer than One Rincon Hill, which averaged $1,025.”

“There has been a tremendous amount of interest in the penthouse space, but we have not yet entered into formal conversations,” said [Millennium Partners Managing Director Richard Baumert].

He said the majority of buyers inquiring into the penthouses would buy two on the same floor and combine them. And the $12 million plus price tag — $25 million if you¹re grabbing two — doesn¹t include interior finishes, as the units will be delivered in shell condition with buyers likely investing millions more to build them out.”

And yes, that’s a Grand Residence floor plan above (and we’ll note the grand piano).
The sky’s the limit [Business Times]
The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]

Comments from Plugged-In Readers

  1. Posted by RinconHil_Res

    “Even the bottom 25 floors, at $1,100 a square foot, are richer than One Rincon Hill, which averaged $1,025.”
    I was not aware of the average price paid per sq. ft. at ORH. I thought this was very interesting given that I paid about $802/sq. ft. for a 2-2 unit just below the 20th floor (really the 15th, but let’s not get started on that topic again) on the downtown/Twin Peaks corner/side of the building.
    Given what’s happened in the market over the past 6 months, I was starting to get nervous that maybe I overpaid. And maybe I did, but just not as much as the folks that paid closer to $1025.

  2. Posted by diemos

    WTF???!!!!
    Why does that layout need FOUR!!!! bathrooms for a two bedroom apartment?
    (although I like the library.)

  3. Posted by Observer

    Two words…. Wow & Nice!

  4. Posted by tipster

    Great location and fabulous layouts. Fantastic finishes. This is clearly the *it* project in SF.

  5. Posted by McBravio

    Who can spot the Noguchi coffee table?

  6. Posted by rincon

    Honey, where’s the checkbook?

  7. Posted by missionbayres

    “I was not aware of the average price paid per sq. ft. at ORH. I thought this was very interesting given that I paid about $802/sq. ft. for a 2-2 unit just below the 20th floor (really the 15th, but let’s not get started on that topic again) on the downtown/Twin Peaks corner/side of the building.
    Given what’s happened in the market over the past 6 months, I was starting to get nervous that maybe I overpaid. And maybe I did, but just not as much as the folks that paid closer to $1025.”
    This is great for Infinity as well. We got a corner unit with water views above the 25th floor for less than $1000/sqft.
    If Millenium does get these prices, it’s a testament to the continued strength of the luxury market. A big IF though, but I sure do hope (and think they will) get these prices…

  8. Posted by Marco

    Are there outdoor terraces on the 59th and 60th floors?
    [Editor’s Note: Only on the 60th (as far as we know).]

  9. Posted by RinconHill_Res

    “This is great for Infinity as well. We got a corner unit with water views above the 25th floor for less than $1000/sqft.
    If Millenium does get these prices, it’s a testament to the continued strength of the luxury market. A big IF though, but I sure do hope (and think they will) get these prices…”
    Trust me, I’d like for you to be correct, but given what others have remarked, with which I agree, not sure that there is a 1 to 1 correlation between what Millennium is able to get and how good or bad our respective deals were. However, that said, it’s certainly a closer measuring stick that, let’s say, the St. Regis or Four Seasons. Speaking of those, does anyone have any data on where those Ritz Carlton residences are supposed to price?

  10. Posted by blahhh

    “Trust me, I’d like for you to be correct, but given what others have remarked, with which I agree, not sure that there is a 1 to 1 correlation between what Millennium is able to get and how good or bad our respective deals were. However, that said, it’s certainly a closer measuring stick that, let’s say, the St. Regis or Four Seasons. Speaking of those, does anyone have any data on where those Ritz Carlton residences are supposed to price?”
    Actually, it’s very much the other way around. The Millennium Partners studied the Infinity in great detail from design to marketing. For example, the Infinity’s sports facility is 5000 sqft, so MP added 500 sqft to theirs. The Infinity’s pool has 4 laps, so MP made theirs 5. You get the idea. They understood perfectly that this project cannot compete with the Infinity’s location given the different kinds of neighborhood growth in the long run and each one’s different relationship to urban landscape. Architecturally speaking, the Infinity also had the luxury of being in a perfect context for the creation of something much more conceptual and unique. Bernardo Fort-Brescia and his design team gave San Francisco precisely that significance. To me, the visual impact of the Infinity is not just strong, but so appealing and light at the same time.
    The M.P. responded to this competition
    marvelously. The company is much smaller in comparison to Tishman Speyer. They are more open to changes and pay attention to details. Combined with their expertise in sports club and hotel field, what you have is an excellent development for people who are willing to pay a little more for turnkeys.
    The Infinity is all about lightness, blurring of hierarchy, and the soft transition from city to sky. The MT did exactly the opposite. The finishes are heavy, dark wood, stones, thick tubs, etc. The complex craves for hierarchy through different classes of the building. Originally they considered only giving the Grand Residence access to certain parts of the club area. Perfect example of competition by product differentiation here from MT to the Infinity. I wish we see that in other parts of the city.
    Both projects are big winners, and I don’t see anything in the pipeline that can come close to either one of them. Personally I still think the Infinity has more upside. Their finishes could be a lot better, for a price obviously. But remember in terms of investment, money spent on the newsiest finishes don’t necessarily appreciate because they can easily be replaced by trend. There will always be something newer and better. Turnberry, for example, will again take the definition of luxury in terms of finishes to a different level, at least for San Francisco. On the other hand, investment on location and building will definitely appreciate, and that appreciation often accelerates over time. The Millennium’s location is great, but the Infinity’s is better and rare.
    All in all, I don’t feel what the MP tried to create here is a more affordable St. Regis. I think the MP has done a fabulous job and deserve the prices they are asking.

  11. Posted by diemos

    “For example, the Infinity’s sports facility is 5000 sqft, so MP added 500 sqft to theirs. The Infinity’s pool has 4 laps, so MP made theirs 5. You get the idea.”
    The Infinity’s two bedroom units had three bathrooms so MP added one to their’s. You get the idea.

  12. Posted by Noe 94131

    Blahh wrote: “But remember in terms of investment, money spent on the newsiest finishes don’t necessarily appreciate because they can easily be replaced by trend. There will always be something newer and better.”
    Bingo. That’s why the real luxury in this apartment is its size, the library, the separate kitchen and a dining area with room for more than a bistro table.
    McBravio wrote: “Who can spot the Noguchi coffee table?”
    And the telescope in the living room? For pervs only.
    [Editor’s Note: We were wondering if anybody else was going to notice the telescope. Although in our experience, it’s the guys in the office towers with binoculars that you really have to worry about….]

  13. Posted by Mole Man

    WTF???!!!!

    Why does that layout need FOUR!!!! bathrooms for a two bedroom apartment?

    (although I like the library.)

    Posted by: diemos at November 2, 2007 7:52 AM

    Yes, that library is most excellent. I’m guessing the marketing people understand that most buyers are probably full of __it and planned accordingly. What I would like in such a place is more storage. With some shelves and cabinets outfitted the bathrooms could become walk in closets.

  14. Posted by anon

    “I’m guessing the marketing people understand that most buyers are probably full of __it and planned accordingly.”
    ROFLMAO!!!

  15. Posted by anony

    blahh, those are some great points between Infinity and Millenium Partners. MP obviously had to compensate for it’s inferior location by making it an ultra luxe complex. Also, given MP doesn’t have the cache or brand name as a Regis or a Ritz it had to go over the top in order to justify it’s pricing.
    In the long run, Infinity with it’s lower pricing and supreme location will have much more upside than any of the ones mentioned above.
    I honestly can’t think of any new development that has a better waterfront location than Infinity.
    Rincon is not even in the same class as Infinity or MP though it will have its followers.
    And while we’re talking about other developments, it perplexes me that places like Palms and Somagrand can charge $1000/sqft for some of their units and you can get the same at MP’s City Residence for just about the same price and yet MP is such a vastly superior development it’s not even close.

  16. Posted by weatherman

    The MP did a great job compensating for a slightly inferior location. The finishes are far superior to The Infinity and the pricing relative to the higher floors of the Infinity are competitive in my opinion. I paid around $1450 sq foot for a corner unit in The Infinity (above 28) and the same price per square foot would get me a floor above 40 with a reasonable water view in MP.
    Another negative on The Infinity in my opinion is that it has a lot of “upgrade costs” that are already included in the MP pricing (window treatments, hardwood floors for example).
    Where I think the MP has a major advantage is in the options of unit size. Adding the library makes a huge difference for people looking for a 2+Den situation. The Infinity units are pretty tight and work great as a pied-a-terre, but not so much for some of us that plan to live there full-time. The MP is a better option if you actually plan to have dishes and food stocked in the kitchen. The Infinity knew that its location and sweet design allowed them to cut corners on finishes, square footage, and storage apparently.
    Although I will be an Infinity resident, I actually believe that the MP will be more livable for the price.

  17. Posted by McBravio

    Blahhh, Weatherman just laid the smackdown on the Infinity! I counted like three negative points! Are you going to stand for that?

  18. Posted by weatherman

    I actually think blahhh’s post was an intelligent (almost poetic) analysis of the two developments. I agree with him/her that both have their place and both are terrific in their own ways. I am going guess that the Infinity will (or should) consider improving the finishes in the new tower, especially in the 2nd and 3rd bathrooms, and consider pricing that includes upgrades. While I agree with blahhh that tastes with respect to finishes vary from person to person, most of us would prefer limestone floors in the bathrooms over porcelain tile.
    A C-stack on the 47th floor at MP (views ne, e, se of the BB and East Bay) is going for $1500/sq ft. The B stack at the Infinity with a similar (but more open view) is priced around $2000+ sq ft the last time I checked. I beleive that 34B was listed at $3.5 million for 1628 sq feet.

  19. Posted by anony

    weatherman,
    For someone that went into contract and put a substantial deposit at Infinity, you seem to have little esteem or admiration for your unit and complex.
    Sure, some of the smaller units lack closet space, but the larger ones have adequate space.
    The corner units above the 28th floor have 3rd bedrooms that can easily turn into a library/den or office. Which stack do you have?
    Another plus for Infinity’s 3 bed units are the dual balconies. Stacks B, C, E, G all have 2 balconies, some quite spacious. That’s something Millenium lacks except the top floor.
    Finally, you always upgrade the finishes at Infinity, but you can’t upgrade the location at Millenium 🙂

  20. Posted by weatherman

    anony
    I agree with your comments. I was trying to give an honest assessment of relative pricing/value of the two projects from my humble perspective even though I have a vested interest in The Infinity. Pretty obvious that I have some “buyer’s remorse” after seeing the MP floorplans and finishes, but I agreed with blahhh that the location and design of the Infinity is awesome. Those are the reasons I bought there.
    You can debate the relative points all day and it comes down to personal preferences.

  21. Posted by Cooper

    Well it better be a lot better than infinity at those prices. Infinity has a very nice building with top floor 2 and 3 bedroom corner units available now at prices far below those of Millenium and they still have not sold. And when I use the word sold I mean “reserved with a deposit”. It takes nothing to reserve these things and they still are not even reserved. Tell me what happens come march when move in begins at Infinity and ORH. Let’s see those Millenium prices drop like a rock.

  22. Posted by anon

    I love the Millenium, Infinity and One Rincon developments. That does not mean that I could afford units that I liked in all three. I wanted a one bedroom, in a tower with a balcony.
    One Rincon was the only development that had units that fit my criteria. If I have millions to spend, then I would live in the St Regis.

  23. Posted by weatherman

    “Infinity has a very nice building with top floor 2 and 3 bedroom corner units available now at prices far below those of Millenium and they still have not sold. And when I use the word sold I mean “reserved with a deposit”‘
    Last I heard the Infinity has very little left in the Tower and all of the B/C stacks 28 and above are in contract except for 1 or 2. You can reserve a unit, but only for a short while before your deposit goes hard and you are out at least 3% of the purchase price if you cancel t that point.
    We’ll see about prices at the MP. If you believe the article on ratios to rent in Fortune magazine, all of the prices in SF are coming down at least 10%.

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