Downtown building may become Boston's largest office-to-housing conversion yet

""Office to Residential conversions - putting homes close to jobs - is just good policy," Synergy CEO Dave Greaney said in a statement to the city. "Less vacant office space and more residents downtown will help stabilize the office market, lessen the burden on transportation, and support downtown restaurants and retail." In a letter of intent filed on Jan. 14, the developers said the Old South Building, constructed between 1902 and 1904, is predominantly vacant, reflecting a shift in downtown office demand."

"The downtown Boston office vacancy rate has remained high since the pandemic, at around 20%. Despite some signs of a recovery, employees are shifting to high-amenity new buildings, leaving older office buildings at risk. So, after a successful few years, Mayor Michelle Wu in mid-December announced an extension of the city's Office-to-Residential Conversion Program, which was set to expire at the end of last month."

Synergy plans to convert an 11-story, mostly vacant Downtown Crossing office building into more than 250 apartments while retaining ground-floor retail. The building is adjacent to the Old South Meeting House, has no parking, and was constructed between 1902 and 1904. Downtown Boston office vacancy has stayed near 20% since the pandemic as employees shift to high-amenity new buildings, leaving older offices at risk. Mayor Michelle Wu extended the Office-to-Residential Conversion Program, which launched in October 2023 and drew 22 applications to convert 1.2 million square feet into 1,517 apartments, including 284 income-restricted units.

Read at Boston.com