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June 21, 2023

$100M Fix Wraps Up at Millennium

Millennium Tower

The tilting and leaning drama is finally waning at the Millennium  in downtown San Francisco. All 18 of the concrete piles meant to stabilize Millennium Tower have been driven 275 feet below the surface into bedrock as the $100M fix wraps up, reports J.K. Dineen in The Chronicle today. Engineers expect that the foundation work will head off further tilting and leaning, as well as help the building recover some of the 24 inch tilts to the west and 7.9 inches to the north.

What that will hopefully mean for the Millennium is an easier resale process, as well as peace of mind for both residents and prospective buyers.

2023 sales have been middling for the Millennium. The structural issues have been a buyer and lender obstacle, and the downtown condo market has been soft for some time now. The median price for a Millennium condo was $1,745,000 from January 1 – June 15th. That’s a big decline from the same time period in 2015, when the median was $2,887,500. (The structural issues became public in 2016, and definitely had their effect on values in the building thereafter.)

There are currently 19 units on the market at the Millennium. One bedroom list prices range from $600,000 to $1,350,000. And there are half a dozen units priced from $5M to $14M. Only one unit is actually in contract—a two-bedroom with a $2,195,000 list price.


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