Boston’s Mayor Michelle Wu has recently announced the extension of the city’s office-to-housing conversion program until December 2025. In addition, $15 million in state funding has been allocated to incentivize developers. This move has already attracted nine applications for a total of 412 housing units in older office buildings. Among these proposals are KS Partners’ plan to convert 80 units at 15 Court Square and Wingate Cos.’ proposal for 21 units at 150 Milk St.
During a press conference, Mayor Wu stated that each new building converted through this program will pave the way for future developments. One such project is CIM Group’s proposal to convert an existing building into over one hundred apartments. The state funding is specifically targeting larger projects (over70,000 sq.ft.) and offers up to $215,000 per income-restricted unit with a maximum cap of $4 million per project.
Officials anticipate that this extension will result in an additional creation of300-500 housing units within Boston.The post announcing this development was published by Connect CRE on their website.
