Boston Office Conversion Wave, Downtown Crossing Next
Boston’s Office-to-Residential Program: The Basics Although Boston’s downtown office market has struggled with post-pandemic vacancy, the city launched its Office-to-Residential Conversion Program in October 2023. The goal is to rapidly shift older Class B and Class C buildings into housing. So far, the city has received 22 applications proposing 1,517 new homes across 27 buildings. The initiative also arrives as condo inventory has swelled 29% year-over-year, reshaping negotiating dynamics for buyers and sellers. Program Overview The program supports owners and developers converting older Class B and C office buildings into residential use in Boston. Eligibility requires site control and Inclusionary Zoning compliance. Projects must include 17% deed-restricted affordable units up to 60% AMI. Approved projects can receive a 75% abatement on residential value for up to 29 years through a PILOT. Timeline Milestones Applications move from PDF submission to an expedited Article 80 decisi...