CITIES REVIVING DOWNTOWNS BY CONVERTING OFFICES TO HOUSING

On the 31st floor of what was once a towering office building in downtown Manhattan, construction workers lay down steel bracing for what will soon anchor a host of residential amenities: a catering station, lounge, fire pit and gas grills.

The building, empty since 2021, is being converted to 588 market-rate rental apartments that will house about 1,000 people. “We’re taking a vacant building and pouring life not only into this building, but this entire neighborhood,” said Joey Chilelli, managing director of real estate firm Vanbarton Group, which is doing the conversion.

Across the country, office-to-housing conversions are being pursued as a potential lifeline for struggling downtown business districts that emptied out during the coronavirus pandemic and may never fully recover. The conversion push is marked by an emphasis on affordability. Multiple cities are offering serious tax breaks for developers to incentivize office-to-housing conversions — provided that a certain percentage of apartments are offered at affordable below-market prices.

In January, Pittsburgh announced it was accepting proposals to produce more affordable housing through the “conversion of fallow and underutilized office space.” Boston released a plan in October aimed at revitalizing downtown that included a push for more housing, some of which would come from office conversions. And Seattle launched a competition in April for downtown building owners and design firms to come up with conversion ideas.

In the nation’s capital, Mayor Muriel Bowser has made office-to-housing conversions a cornerstone of her plan to repopulate and revitalize the district’s downtown. Her “comeback plan” for the capital city, announced earlier this year, seeks to add 15,000 new residents to the downtown area, adding to the approximately 25,000 who already live here.

هذه القصة مأخوذة من طبعة April 29, 2023 من Techlife News.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

Start your free trial

بالفعل مشترك ?   تسجيل الدخول

هذه القصة مأخوذة من طبعة April 29, 2023 من Techlife News.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

Start your free trial

بالفعل مشترك?  تسجيل الدخول