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The Wu administration in Boston has seen 4 applications for office-to-residential conversions under a new program offering significant property-tax abatements. The Boston Planning & Development Agency program aims to revitalize downtown and adjacent neighborhoods by repurposing empty office spaces post-Covid. The program, attracting attention for its potential to transform the cityscape, continues to accept applications through June. The applied projects include: - KS Partners, LLC, plans to convert three interconnected office buildings into 98 residential units. - Boston Pinnacle Properties proposal to transform a property into 15 units. - Equity Residential plan to convert commercial bases of residential towers in the West End into homes If all 4 proposals come to fruition than 170 units would be created. #bpda #bostonrealestate #officetoresi #officeconversion https://lnkd.in/e8N5ewPs

🌆 Transforming Boston's Skyline: A New Era of Urban Living with BRI Management! 🌆 🔗 Exciting news featured on traded.co! Boston Pinnacle Properties, in collaboration with BRI Management, is at the forefront of transforming Boston's cityscape. Our latest venture is part of the Boston Planning and Development Agency's initiative to repurpose office spaces into residential units, a move prompted by the city's new tax breaks. 🏢 The project at 281 Franklin St. is a beacon of this transformation, where we're converting an office building into 15 modern residential units. This initiative, which includes proposals from various developers, demonstrates the potential of urban redevelopment in revitalizing downtown Boston and the West End areas. 👷♀️ BRI Management's expertise in property management complements Boston Pinnacle Properties vision, ensuring that this transition from office to residential space meets the highest standards of quality and innovation. 📈 This project is more than just construction; it's about community building and offering new living opportunities in the heart of the city. With a significant tax abatement over the next 29 years, we're excited to be a part of this sustainable growth and urban renewal. Read more about this transformative project and its impact on Boston's urban landscape in the full article: https://lnkd.in/eHnntGGV #UrbanRedevelopment #BostonPinnacleProperties #BRImanagement #PropertyTransformation #BostonRealEstate #InnovativeLiving

Via Boston Globe: Can Boston spur new development and economic activity in its struggling downtown while preserving its historic character? A new plan from the Boston Planning and Development Agency aims to do just that by streamlining a mishmash of building height restrictions, highlighting areas best suited for new development, updating design and architecture guidelines, and suggesting ways to re-energize public spaces left quiet after the COVID-19 pandemic. The proposal, still in draft form, culminates a five-year planning process known as PLAN: Downtown. Its release comes as downtown faces challenges unforeseen in 2018, when the process was launched. The PLAN: Downtown report doesn’t explicitly lay out strategies for revival, but rather offers proposals that would guide what downtown will look like in the future, and how it might evolve. Preserving existing historic structures while maximizing growth in the city’s economic core is at the heart of PLAN: Downtown, said Andrew Nahmias, a senior planner with the BPDA. https://lnkd.in/eN6Zp8Je #bpda #boston #downtown #planning

Within the CBD of Dublin and the regional cities, we see the majority of older office buildings being repositioned for their existing use rather than being repurposed. Established business suburbs will also have a future for offices. However, in the more peripheral locations where office demand has become stagnant, repurposing can present a viable and logical alternative to full redevelopment. For more on this topic, tune in to the Cushman & Wakefield Rethinking Irish Real Estate event Tomorrow at 9.00am Register here: https://lnkd.in/etuApf_b Tom McCabe, CFA FRM, Aidan Gavin, Mark McKernan #repositioning #offices #rethinkingirishrealestate

Turning offices into homes isn't just about money; time is key. The Good: Thanks to a $35 billion government fund (RRIF), turning offices into homes is now possible. The Bad: it's slow. Normal deals take 2-3 months. With EPA rules, it could be 18-24 months. A Real Example: Pittsburgh Pittsburgh wants to make things faster. They have big plans but are stuck waiting on long reviews and approvals. The city recommended amending the closing period from 18 months to six and dropping NEPA for a traditional environmental report. The city has $300 million in shovel-ready conversions, and with the right financing, potentially $1 billion more to come. Conclusion: RRIF funds make office-to-home projects doable. But, EPA delays are a drag. Normal deals take months; these can take years. Pittsburgh’s fighting for faster changes. We need quicker, simpler processes for city renewal. -- #UrbanRenewal #RRIF #EPAReform #HousingInnovation #PittsburghProgress

Are underutilized offices the next housing solution? Yes, especially if they have good structural bones, are located in amenitized neighborhoods, and display architectural character. Take a peek into two converted properties: the Millennium on LaSalle (Chicago) and Lyndon at The Curtis (Philadelphia) Thanks to the experts who commented on this recent BUILDINGS article: Michael Brookshier of Keystone, Cindy Delein, AIA with Stantec, and Richard Whitney with FitzGerald. #adaptivereuse #urbanhousing #housing #sustainablebuildings https://lnkd.in/g5_aCY3n

The cities and regions that could benefit most from turning underused office buildings into housing are the City and County of San Francisco Bay Area, City of Seattle, City of Phoenix, City of Atlanta and City and County of Denver, according to an Urban Institute analysis published June 5. “Cities experiencing both acute distress in their office real estate market and a significant need to increase their housing supply have the most to gain from intensifying their efforts to enable and ease office-to-residential conversions,” Urban Institute Research Associate Jorge González-Hermoso writes in the report. He urged these cities to encourage adaptive reuse by allowing more flexible land use, updating building codes, streamlining the permitting process and offering tax credits or property tax abatement.

Are old offices the next housing solution? In Buildings Magazine, Stantec experts explain how these workplaces turn into vibrant, sustainable housing solutions for urban cores.

The ability to build more housing...A traditional office zone case in NY https://lnkd.in/erdSaRFX #realestate #privateequity #urbandevelopment #investmentportfolio #properties

Most developers are still treating aging office relics like demolition dunces. But one savvy crew just schooled everyone on the mixed-use metamorphosis play. We're talking that near-vacant 1972 tower on Smith Street reimagined into a 372-unit residential oasis packed with amenities. Except this glow-up went way beyond typical office-to-condo surgical slicing. These visionaries mapped out the entire curbside choreography upfront rather than doing the usual Band-Aid bodge jobs. They surgically separated the residential and commercial components' wildly different parking/loading demands into purposely designed zones and flows. Genius level stuff. Residents enjoy Ubering and fetching seamless deliveries through dedicated curbside experiences catered to their exact patterns. While any remaining office stayers keep their segregated commuter routes without residential conflict. It's that nuanced mixed-use mindset positioning this reincarnated high-rise 10% pre-leased before opening in a Downtown area starved for thoughtfully planned vertical communities. Getting the curbside strategy locked upfront avoided the classic "conversion clusterf*ck" of gridlock, turnover vacancy chains, and corporate leavers. These guys [and gals] recognized that sweating the small stuff like curbside utilization and separation is actually the vital amenity for any thriving adaptive reuse. The upfront investment paid massive dividends too - over $100M in fresh property value catalyzing a model for truly revitalizing urban dinosaurs into sustainable, mixed-use energy hubs. Not just jamming rentals into archaic office cavities. It's a masterclass in holistic conversion done right - choreographing the entire mobility experience around seamless placemaking rather than halvingcube farms into shoebox closets. When's the last time you saw a developer flex that level of curbside genius? Exactly... the real visionaries are separating themselves from the demo dunces. https://lnkd.in/g3aftd-p #MixedUseRevolution #CurbsideGenius #UrbanMetamorphosis #AdaptiveReuse #RealEstateInnovation #SmartDevelopment #UrbanRenewal #ResidentialOasis #SustainableLiving #VerticalCommunities #PropertyTransformation #OfficeConversion #HolisticDesign #Placemaking #UrbanRedevelopment #FutureCities #RealEstateTrends #DeveloperInsights #CityLiving #MixedUseMindset #RevitalizingDowntown #CurbsideStrategy #SeamlessLiving