City officials said several retail stores and restaurants will be built at the base of the building, with offices and residences above. The broad outlines suggest a project of similar scale to the original 39-story complex Vornado tried to build, although officials said it will probably be slimmer and taller.
It comes after Menino and other city officials recently began pressuring Vornado to get moving on the project by threatening to interfere with the company’s other major investment in Boston: Construction of a $1 billion casino at the Suffolk Downs racetrack.
In Boston, Millennium Partners has developed the Ritz Carlton Hotel and Towers nearby, and it is building Hayward Place residences across from the Ritz. Executives with Millennium Partners could not be reached for comment. Vornado officials also could not be reached for comment.
City officials emphasized that Millennium will lead the project, with Vornado taking a more passive, minority role. Millennium is buying out the other investors in the project, including JPMorgan Chase & Co., according to a person involved in the project who declined to speak about it publicly.
With Millennium in charge, city officials said they expect a revised development plan for the property will be submitted for approval within 60 days, and that they hope construction will resume within a year.
A news conference to announce the deal is planned for this morning at Boston City Hall.
John B. Hynes III, a Boston developer who represented minority owners, said he is pleased a deal to move it forward has finally been reached. He had previously helped plan the $700 million redevelopment, which included a similar mix of stores, offices, residences and a hotel.
“Anything that gets the project going is terrific for the city,’’ Hynes said. “I’m disappointed I’m not going to be part of it, but I’m thrilled it’s actually happening.’’
