BOSTON– A former office building at 615 Albany Street in Boston’s South End will soon be transformed into 24 apartments, becoming the latest project to qualify for the city’s office-to-residential tax abatement program, the Boston Business Journal (BBJ) reported.
According to BBJ, the six-story, 16,000-square-foot brick building will include four affordable units in compliance with program requirements. The initiative, launched by Mayor Michelle Wu’s administration in 2023, offers a 29-year property tax abatement to projects that include affordable housing and maintain ground-floor retail.
The BBJ noted that the 615 Albany Street conversion is one of 24 buildings citywide participating in the program, which together account for 1,149 new apartments and more than 920,000 square feet of converted space.
The property, purchased in 2023 for $3.4 million, is being developed by Greg McCarthy, who is also behind a similar project at 129 Portland Street near North Station, BBJ reported.
Located near Boston Medical Center and the Chobanian & Avedisian School of Medicine, the project joins another South End conversion — a 92-unit proposal at 95 Berkeley Street — as part of the city’s effort to revitalize underused office buildings amid a changing downtown real estate landscape.
The BBJ added that Boston’s office-to-residential incentive program is set to expire at the end of 2025, with approved projects required to begin construction by the end of 2026.
