Nauset Completes DTX Housing Conversion
The second phase of a housing conversion project created 36 apartments next to Boston’s Orpheum Theater.
The second phase of a housing conversion project created 36 apartments next to Boston’s Orpheum Theater.
Greater Boston apartment rents are rising at an annual rate of 3 percent, and further increases are likely waiting in the wings, according to a new report on the multifamily market.
The plan is designed to generate 40,000 new units statewide, and would legalize accessory dwelling units in single-family zones and state aid for conversions of underutilized office buildings and malls into housing.
Financing from Newburyport Bank and MassDevelopment will convert a downtown Haverhill building’s upper floors into housing while retaining its existing retail tenants.
Commercial developers group NAIOP said distress in the office market has been concentrated in a small percentage of buildings that are functionally obsolete.
The Boston Planning & Development Agency is seeking real estate consultants to study the potential for office conversions in the downtown area, an area in which Boston lags many cities.
Boston officials will offer developers density bonuses to build taller buildings that include housing in the downtown area as part of a strategy to revive the central business district.