The developer is New York-based Millennium Partners, whichpreviously developed the Four Seasons Hotel & Residences at 735Market. Its equity partners are Morgan Stanley and a local investorgroup in San Franciso called WTR that has ties back to Hong Kong.The total project cost is $500 million, including $350 million forconstruction, and the gross sell-out value is north of $900million.

Richard G. Baumert, a managing partner with the Millennium,tells GlobeSt.com that overall sales to date for Millennium Towerhave "surpassed all of our projections" and recently topped $200million. His goal is to have that total up to $250 to $300 millionby the time the building is ready for occupancy, so he can "paydown the construction loan" from HSBC. The longer-term goal is tohave all the units sold by late 2011. Millennium's equity partnersinclude a local investor group in San Francisco called WTR that hasties back to Hong Kong, and Morgan Stanley.

Designed by Glenn Rescalvo of Handel Architects, the 645-foottower and an adjacent 11-story mid-rise building will comprise atotal of 419 residences, including one, two and three-bedroom unitsranging in size from 750 sf to 6,000 sf. The units are divided inthe three strata--Residences (lower floors, main tower), CityResidences (mid-rise building) and Grand Residences (upper floors,main tower)-- each of which has its own lobby, elevators and staff.The $2-million sales center is located at 450 Mission St. Theasking prices range from $700,000 to well more than $10 million,with the overall average price per sf coming in at around $1,500,Baumert says.