Boston approved a permit to convert 615 Albany St. from offices into 24 apartments as part of an office-to-residential incentive program. The conversion will add a floor, changing a five-story, 19,200-square-foot office into a six-story, 20,000-square-foot residential building with 12 studios, one one-bedroom, six two-bedrooms, and five three-bedrooms. Twenty percent of units will be income-restricted under city policy. The project is one of 19 program participants and one of three currently under construction. Developer Gregory McCarthy purchased the building in July 2023 for $3.4 million. Downtown office vacancy sits near 20% and may rise to 30%.
"Boston has granted building permits to another office-to-housing conversion, this time in the South End. Developers are converting a former office building at 615 Albany St. into 24 apartments as part of the city's effort to transform underused commercial space into much-needed housing. It is one of 19 projects participating in Boston's office-to-residential incentive program, which aims to revitalize downtown by replacing outdated offices with homes."
"The project involves converting a five-story, 19,200-square-foot office building into a six-story, 20,000-square-foot residential building with 24 units. The building will include 12 studios, one one-bedroom, six two-bedrooms, and five three-bedrooms. Per the city's policies, 20% of the units will be income-restricted."
""I believe this program provides solutions to multiple issues that are critical both now and for the future of Boston," McCarthy said in the release."
Read at Boston.com
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