The New Residential Conversion Thread

Oh my lord, could you imagine? New #1 for proposed residential conversions. The old Winthrop building would top this, but not much else:

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bbfen said:
Agree. Before I realized it was Sam, I thought, "Great!" Then this surfaced. From personal experience, I find him disagreeable to deal with in person. Rude and entitled are the phrases that come to mind.
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My God, I just read your linked article - - that guy is simply a terrible human being. There’s no other way to describe him except ‘malevolent’. I wouldn’t trust him at all. Take that shit by eminent domain.
 

Mass. public health department will be latest state agency to move out of Downtown Crossing​


DPH confirmed that it will be leaving 112,000 square feet at 250 Washington St. this fall to move into 51,000 square feet across three upper floors at 100 Cambridge St., a privately managed tower known by its former name, the Saltonstall, that’s already home to many state workers.

But the owner of the DPH building isn’t even going to start looking for an office tenant. New York-based Ruben Cos. has filed plans with City Hall to convert the DPH space into 110 one- and two-bedroom rental apartments, and is seeking a property tax break through the city’s office-residential conversion program to help pull it off. Of those units, 80 percent will be market rate, renting at $4.25 per square foot.
 
51-55 Franklin Street, Boston in the Financial District sold for $4,625,000 on January 5, 2026. Approximately 33,600 square feet and consisting of 11 units, which include 2 retail and 9 office spaces. The new owner is Greg McCarthy who took out a $4.57 million loan along with the purchase. McCarthy has purchased other buildings with the intent of commercial to residential conversions including 615 Albany Street and 129 Portland Street. Adjacent building at 63 Franklin will be a non-profit's new home.
 
Real estate deals are announced all the time, but it blows me away that the 51-55 building at >33,000 sf is only trading at $4.6M. Even with another $4.5M in renovations that is a bargain for that much space. It's a beautiful historic building on Tontine Crescent right in the center of town. With rental vacancies as low as they are these are going to fill up quickly. I just wish there was a better way to incentivize condo conversions as well.

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dames said:

Mass. public health department will be latest state agency to move out of Downtown Crossing​


DPH confirmed that it will be leaving 112,000 square feet at 250 Washington St. this fall to move into 51,000 square feet across three upper floors at 100 Cambridge St., a privately managed tower known by its former name, the Saltonstall, that’s already home to many state workers.

But the owner of the DPH building isn’t even going to start looking for an office tenant. New York-based Ruben Cos. has filed plans with City Hall to convert the DPH space into 110 one- and two-bedroom rental apartments, and is seeking a property tax break through the city’s office-residential conversion program to help pull it off. Of those units, 80 percent will be market rate, renting at $4.25 per square foot.
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www.bostonglobe.com

Mass. public health department will be latest state agency to move out of Downtown Crossing - The Boston Globe

DPH confirmed it will be leaving 112,000 square feet at 250 Washington St. this fall to move into 51,000 square feet at 100 Cambridge St., a privately owned tower.
www.bostonglobe.com www.bostonglobe.com

This is a unique case, as this building is already mostly residential, with the DPH space on the lower floors being the only office portion. So this particular office-to-residential conversion is not like the other ones being proposed.

The DPH offices are actually on the lower floors of an apartment tower, dubbed the Devonshire. After the $50 million conversion is complete, the entire building except its three storefronts on Washington Street will be residential.
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Thanks, I was confused looking at streetview to figure out where the office building at 250 Washington was. Makes sense to consolidate the Devonshire when commercial rents are falling.
 
www.bostonglobe.com

In Downtown Crossing, another big office building eyed for apartment conversion - The Boston Globe

If you’ve ever fancied living next door to where the Boston Tea Party was organized, you could soon get your chance.
www.bostonglobe.com www.bostonglobe.com

Boston developer Synergy Investments has proposed converting 294 Washington St. — an 11-story Downtown Crossing office building also known as the Old South Building — into 255 apartments. If the project is approved, it would be by far the largest office-to-residential conversion yet in the city.
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An office building with ground-floor retail — including the lone remaining Boloco restaurant — at 50 Congress St. is slated to be converted into 171 apartments, while maintaining retail uses.
Gary Higgins / Boston Business Journal
 
Why aren't I 100% supportive of commercial to residential? I don't know. Do I just hate anything actually happening? Am I too skeptical to think anything can actually achieve success without someone, somewhere, sometime, being adversely affected?

The idea seems solid. The success seems secured.

I guess if anything it's that the program seems a bit rushed without enough foresight, with the city not providing enough data to show how a 29 year tax cut is better than a 2-3 year drop in property values, although that is an unknown, right? It might be a 5-6 year drop in property values.
 
dames said:
An office building with ground-floor retail — including the lone remaining Boloco restaurant — at 50 Congress St. is slated to be converted into 171 apartments, while maintaining retail uses.
Gary Higgins / Boston Business Journal
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This is really exciting. Some of these grand old buildings that just aren't competitive as offices anymore and would be too expensive to convert to housing at market rates are finally getting a second life. Not that this was slated for demolition, but to have it sit mostly empty and slowly decay is a shame. What a beautiful old building in a great location that may turn into housing. Total win. At this point, even just for proposals, the conversion program is exceeding my expectations.

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JohnAKeith said:
Why aren't I 100% supportive of commercial to residential? I don't know. Do I just hate anything actually happening? Am I too skeptical to think anything can actually achieve success without someone, somewhere, sometime, being adversely affected?

The idea seems solid. The success seems secured.

I guess if anything it's that the program seems a bit rushed without enough foresight, with the city not providing enough data to show how a 29 year tax cut is better than a 2-3 year drop in property values, although that is an unknown, right? It might be a 5-6 year drop in property values.
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I try to think about this program as a backstop against the urban doom loop (which Boston wasn't really facing, in my opinion). Vacant buildings are bad, downward drag on office prices leading to collapsing assessed values is bad on tax revenue, and since we can't build housing at nearly a fast enough rate, providing a regulatory and financial highway for conversion should, in principle, be all upside. It creates construction jobs, it creates a new population of year-round, 24/7 pedestrian traffic, which should stimulate services and commercial outlets. 20% of all new housing is set aside as affordable. If these weren't going to pencil financially they wouldn't be started.

I'd also ask, somewhat rhetorically, why the "taxes are theft and way too high" crowd doesn't see a TWENTY NINE YEAR SEVENTY FIVE PERCENT tax cut as a clear eyed benefit to the real estate development sector. In my opinion it's a great incentive structure to make things happen, but I don't seem to see the program referred to as a business-friendly compromise or pro-development.

Anyways, if market dynamics threw this program out of whack (e.g., Class C office spaces start becoming valuable again) then conversions will stop and the market will re-equilibrate.
 
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We've seen a bunch of these conversions announced - which is exciting - however, do we have a sense of how many of these projects are moving into the construction phase? I've seen a bunch of announcements for prospective projects, but I can't quite tell how many of these are actually coming to fruition.
 
Justbuildit said:
This is really exciting. Some of these grand old buildings that just aren't competitive as offices anymore and would be too expensive to convert to housing at market rates are finally getting a second life. Not that this was slated for demolition, but to have it sit mostly empty and slowly decay is a shame. What a beautiful old building in a great location that may turn into housing. Total win. At this point, even just for proposals, the conversion program is exceeding my expectations.

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Is there a Resi conversion planned for 12 Post Office Square next door? Seems like another great candidate, especially considering the "FOR LEASE" banners hanging from it. https://www.google.com/maps/@42.357...try=ttu&g_ep=EgoyMDI2MDEyNy4wIKXMDSoASAFQAw==
 
jdrinboston said:
We've seen a bunch of these conversions announced - which is exciting - however, do we have a sense of how many of these projects are moving into the construction phase? I've seen a bunch of announcements for prospective projects, but I can't quite tell how many of these are actually coming to fruition.
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281 Franklin St. (15 units) was actually completed and opened back in September.

The following are actively under construction:

* 263 Summer St. (77 units)
* 129 Porttland St. (25 units)
* 615 Albany St. (24 units)
 
Cool detail in the filing. That sloped glass top floor is being removed and pushed back to create outdoor terraces on the top floor. They're also adding a pool at ground level. Some really good filings recently. Hoping these can get financed and underway shortly.
 
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