Boston Mayor Michelle Wu has extended the city’s program for converting office spaces into housing units until December 2025. In addition, she has secured $15 million in state funding to encourage developers to participate in this initiative. So far, nine applications have been received for a total of 412 housing units within older office buildings. 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 developments. One such project is CIM Group’s proposal to convert an existing building into over one hundred apartments.
The state funding is specifically targeted towards larger projects (over 70,000 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 three hundred to five hundred housing units being created.
This news was announced by Mayor Wu during her recent press conference and marks another step forward in Boston’s efforts towards providing more affordable housing options without compromising on quality or location.
