IBA CEO Vanessa Calderon-Rosado delivers remarks at groundbreaking ceremony/Image courtesy of IBA
Boston’s newest office to residential conversion project is being led by an organization with decades of experience in housing anti-displacement.
Inquilinos Boricuas en Acción, the community development corporation founded by local activists fighting urban renewal in the 1960s, is turning its former offices at 403 Shawmut Ave. into income-restricted apartments.
“When we left the building in 2021, we were committed to convert it into housing,” IBA CEO Vanessa Calderón-Rosado said. “We could have sold, but we felt this was a great opportunity to continue to anchor the community.”
The 6-story former office building is being converted into five new 2-bedroom affordable units and ground-floor commercial space. The project also includes renovations to 36 existing affordable apartments located in nine historic townhouses.
The $49 million project was financed by MassHousing, and utilized low-income tax credits and historic tax credits, Calderón-Rosado said.
“We own the property, and it just makes perfect sense. It’s a fantastic location,” she said.
Architects Social Impact Collective of Boston and Somerville-based Davis Square Architects designed the project.
In September, IBA broke ground on La CASA, a new development on West Newton Street that will include arts and cultural space, offices and event space. Completion is scheduled for 2026.
IBA was formed by Puerto Rican activists in 1968 to fight urban renewal projects in the neighborhood, and developed the Villa Victoria housing complex.
The former office building of IBA at 403 Shawmut Ave. will be converted to income-restricted apartments. Image courtesy of IBA.
The organization now owns 667 housing units in the South End. Reflecting the housing affordability crisis, it has thousands of potential residents on its waiting list, Calderón-Rosado said.
