A developer will take the opportunity of Boston’s residential conversion program to electrify a 14-story downtown office building’s utilities while creating 75 apartments.

The 1 State St. project is the latest to seek approval under Boston’s office to residential conversion incentive program. The 1920s-era property totals nearly 60,000 square feet. The project is proposed by developer John Geraghty of Readville and designed by Bargmann Hendrie + Archetypes Inc. architects of Boston.

According to a small project review submitted to the Boston Planning Department, the project will replace an oil heating system with heat pumps providing heating and cooling to individual units, and electrified hot water heating systems.

In all, the building’s carbon emissions will decrease by nearly half compared with its previous office use. Developers plan to seek Mass Save incentives to help pay for the electrification projects.

The project team includes legal counsel McDermott Quilty Miller & Hanley, project manager WayPointKLA and sustainability consultant Robinson Energy Services.

The upper stories have floor plates of 4,611 square feet and would be converted into 27 studios and 48 one-bedroom apartments, including a 17 percent income-restricted component.

The incentive program, offering 75 percent property tax abatements for 29 years, has received 24 applications from developers. The first project opened last fall at 281 Franklin St.

Additional proposals are being accepted through Dec. 31.