Tag

Residential Conversion

All articles tagged with #residential conversion

real-estate2 years ago•3 min saved

From 'Zombie' Offices to New Apartments: Converting Challenges and Advantages

A new study suggests that over 2,000 office buildings in American downtowns could be converted into eco-friendly apartment buildings, potentially creating up to 400,000 new apartment units. These conversions could address the issues of office vacancies due to remote work, higher interest rates, and climate regulations. The Greater New York City region has the most buildings suitable for conversion, followed by the San Francisco and Los Angeles metro areas. Retrofitting office buildings into apartments could help meet housing demand, reduce greenhouse gas emissions, and qualify for green technology grants. However, challenges such as zoning regulations and high conversion costs remain.

via Business Insider|

#eco-friendly-apartments #housing-crisis #office-buildings

real-estate2 years ago•4 min saved

Manhattan's Troubled Office Buildings: A Glimpse of the NY Space Crisis

Unleased Manhattan office buildings come in various types, including drab high-rises in less desirable neighborhoods, oversaturated newly renovated glass towers, and buildings that are transformed into residential spaces. Examples include the glass ziggurat at 850 Third Avenue, which sits half-empty and in need of renovation after losing a major tenant; 111 Wall Street, which underwent costly renovations but has yet to sign any leases; 29 West 35th Street, a mid-block office high-rise facing auction; and 160 Water Street, which is being converted into market-rate rental apartments due to its desirable location. The decline in the commercial market has affected these properties differently, leading to various outcomes such as residential conversions.

via Curbed|

#commercial-real-estate #manhattan-office-buildings #new-york-city

urban-development2 years ago•1 min saved

"Revitalizing Boston's Downtown: Tax Incentives to Transform Empty Offices into Residences"

Boston Mayor Wu has proposed a new program to convert empty downtown office spaces into residential units by offering a 75% reduction in property taxes for up to 29 years. Building owners accepted into the program must rent or sell 20% of units as affordable housing and give the city 2% of revenue if they sell their buildings. The reduced taxes will be collected through a "payment in lieu of taxes" agreement, and the approval process will be streamlined through a new office set up by the Boston Planning and Development Agency. The program aims to increase the city's housing stock and bring foot traffic back to downtown businesses. Applications will be accepted until June 2024, and conversion work must begin by October 2025.

via Universal Hub|

#boston #downtown #office-space

real-estate2 years ago•1 min saved

Downtown Dallas Tower to Convert to Apartments

Wolfe Investments has acquired the 211 North Ervay high-rise in downtown Dallas with plans to convert the 187,000-square-foot tower into 238 rental units while preserving its vibrant exterior. The midcentury tower, known for its bright azure and aquamarine blue panels, was previously declared downtown's worst eyesore by a former Dallas mayor. The new redesign will also add amenities including a fitness center and business lounge, and construction is estimated to take 14-16 months. With demand for office space declining, several downtown building owners are transitioning their properties to include residential space.

via The Dallas Morning News|

#dallas #downtown #midcentury-tower