Photo courtesy of National Park Service
The latest properties seeking to participate in Boston’s residential conversion program include a historic downtown tower and an office building in East Boston.
Boston Pinnacle Properties submitted an application to the Boston Planning Department this week to construct up to 45 apartments at 15 State St., a National Parks Service-owned building in the Financial District.
The Park Service last year sought proposals from developers to lease the 11-story, 37,070 square-foot building originally completed in 1902 for uses such as offices, a hotel or housing.
Known as the Easton Building, the Beaux Arts tower underwent a restoration project from 2022 to 2025. Its neighbor at 1 State St. has also been proposed for residential conversion.
According to Pinnacle Properties’ submission to the Boston Planning Department, market-rate apartments in the building would rent for $3,200 to $5,300 per month. The 17 percent component that would be income-restricted under Boston regulations would be reserved for households earning a maximum 60 percent of area median income, while 3 percent would be set aside for Section 8 voucher holders.
The unit mix would include 27 studio apartments and 18 one-bedroom units. Project funding sources would include federal and state historic tax credits.
Led by Adam Burns, Boston Pinnacle Properties was one of the earliest participants in the city’s residential conversion program and has led major projects in Fort Point and the Financial District.
In East Boston, a developer submitted a proposal for 15 apartments through a conversion of an 18,608 square-foot office building at 59 Meridan St., an office building that includes a ground floor bakery and hair salon. The retail tenants would remain following the conversion, according to a submission by Joseph Donovan, manager of owner Meridian Maverick LLC.
Market-rate units would rent for $2,800 to $4,000 a month. The estimated $3.8 million project would seek state and federal historic tax credits.
The company has completed residential conversions in four other East Boston properties totaling 146 units, according to the application.
Boston’s office to residential program offers tax incentives for qualifying projects. Developers receive a 75 percent property tax abatements for up to 29 years, and the city is accepting applications through the end of 2026.
