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Massachusetts awards $15.3M to convert commercial sites into 856 homes
The funding comes through the state’s Commercial Conversion Tax Credit Initiative, supporting projects in Boston, Dedham, Springfield, Westford, and Worcester.
Massachusetts Governor Maura Healey’s administration announced $15.3 million in awards for five office-to-residential and commercial-to-residential conversion projects that total 856 apartments across Boston, Dedham, Springfield, Westford, and Worcester, according to Bisnow.
The awards are being made through the state’s Commercial Conversion Tax Credit Initiative and are intended to help finance transformations of properties including a hotel, historic office buildings, and other commercial sites into housing.
The largest award is $4 million for Synergy’s 255-unit conversion at 294 Washington St. in downtown Boston. Three additional projects are receiving $3 million each: Redgate’s 300-unit conversion of a former hotel in Westford, McCaffery Interests’ conversion of four historic buildings in downtown Springfield into 99 apartments, and Nordblom Co.’s plan to demolish two commercial buildings near Legacy Place in Dedham to build 154 apartments.
The final award, $2.3 million, goes to The Menkiti Group for a conversion of a historic building in downtown Worcester into 48 apartments. Healey said the awards will put underused properties back to work and help create 856 new apartments, tying the effort to the Affordable Homes Act signed in late 2024.