Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CIM to Convert South End Office into Apt
A Los Angeles-based real estate firm, CIM Group, has proposed converting a six-story South End office building into 91 apartments, seeking a tax break from the city for the project, Boston Business Journal reported.
The building, at 95 Berkeley St., is largely vacant and would require an additional 20,000 square feet to be added to the existing structure. CIM estimates the redevelopment cost at $75 million, financed through debt, equity, and government grants. Rents would range from $3,800 to $10,000, with a 36-space parking garage for residents. The only current tenant, MASS Design Group, would remain.
CIM purchased the property in 2016 for $43 million and is involved in the 400-plus unit project at 60 Kilmarnock St. “We are encouraged by the growing enthusiasm for the office-to-residential conversion program, which is on target to bring hundreds of new residents to the Downtown neighborhood,” said BPDA director Arthur Jemison. “Additional housing Downtown will boost our businesses and support a vibrant, mixed-use, 24-hour neighborhood.”
