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By some estimates, only 3% of New York City office buildings and 2% in downtown Denver are suited for residential conversions. Office space and homes are two fundamentally different types of ...
Plans were made to add 10 more floors to the existing 22, and to replace the red-brown brick exterior of the structure, or repaint it a light beige. The plan included about 1,300 apartments for the redeveloped building, which would make it the largest office-to-residential conversion in the country. Preparatory work began in mid-2023. [26] [8]
Boston Mayor Michelle Wu announced a program on Tuesday to offer steep property tax discounts of up to 75% for landlords who convert empty office space into residential use. Many office buildings ...
But the flood of office conversions was more of a trickle. Between 2016 and 2021, only about 30 office-to-residential projects came online each year, according to a July 2023 Deloitte study.
An example of a Mill conversion utilized by the use of a state historic tax program is the Royal Mills in West Warwick, Rhode Island, redeveloped by SBER a Baltimore-based company with a long history of historic preservation projects. This mill had sat vacant for many years, and was in serious threat of being demolished.
In California, the state's 2023 budget allocates $400 million in incentive grants for office-to-residential conversions, while in Denver, city council considers converting some downtown office ...
In 2023, renovations began to convert the building from commercial space into residential apartments. The project is expected to create 571 apartments and to finish in around 2025. The building was owned by the Rudin Management Company from 1964 to 2023; the building was taken over by Silverstein Properties and Metro Loft for the redevelopment ...
This reimagining and reuse of space through office-to-resi conversions could help to ease the undersupply of residential units in the U.S.—which is “structurally short” an estimated 2 ...