The Globe reports Millennium Partners has struck a deal with the owner of the Hole to actually build a tower on the negative space on Washington Street.
Millennium Partners built the Ritz and is currently building a new residential tower on the other side of Washington Street. Vornado Realty Trust of New York tore down most of Filene's - it will remain a "passive" partner in the new project.
Details of the plan - such as the exact specs of the tower and whether the city sweetened the deal with promises of Liberty Mutual-style tax breaks - remain unknown. The Globe says Millennium Partners expects to file its proposal within two months.