The Wu administration will soon begin to accept applications from developers and landlords seeking a tax break to convert an office building into apartments or condos, one of the city’s most aggressive tactics to revitalize downtown.
The new program is expected to formally open Monday, according to a filing to the Boston Planning and Development Agency board this week. The city is offering an up to 75% break on property taxes over 29 years for the conversions, the same incentive that the administration previewed over the summer.
The initiative is open to properties beyond what is traditionally considered downtown. Office buildings in Chinatown and the Leather District are eligible, as are those in Fort Point, whose brick-and-beam stock is struggling compared to the neighboring Seaport, and the Bulfinch Triangle, where property owners are pushing for a rezoning to encourage more housing. Proposals in other neighborhoods will be considered on a case-by-case basis.
Source: Boston office-to-residential conversion tax-break program to kick off – Boston Business Journal
