Boston Mayor Michelle Wu has announced the extension of the city’s office-to-housing conversion program until December 2025. The program, which aims to incentivize developers, has also received an additional $15 million in state funding. So far, nine applications for 412 housing units in older office buildings have been submitted. Some notable proposals include KS Partners’ plan for 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 projects. One such project is CIM Group’s proposal to convert a building into over one hundred apartments. The state funding specifically targets larger projects (70,000 sq.ft or more) and offers up to $215,000 per income-restricted unit with a maximum of $4 million per project.
Officials anticipate that this extension will result in an additional creation of approximately three hundred to five hundred housing units within Boston city limits by December 2025.
