Milk Street office building could soon become apartments
Newton-based developer files plans to convert 31 Milk Street to residential.
A Newton-based real estate firm has proposed converting 31 Milk St. in downtown Boston into 110 apartments, a project that would cost an estimated $52.5 million, according to documents recently filed with the Boston Planning and Development Agency.
Dinosaur Capital Partners LLC of Newton is proposing to convert the top 10 stories of the 11-story building into 40 studios, 50 one-bedroom units, and 20 two-bedroom units. Rents would range from $2,500 to $4,500 per month.
About one-third of the 10 stories of office space — 30,655 square feet — is occupied by 11 office tenants. Of those tenants, six have leases that expire in the next 18 months. The remaining five “have rents substantially above current office market rents,” and the developer intends to “work with them and local brokers to identify cost saving space in comparable buildings in the Financial District,” Dinosaur said in its BPDA filing.
The Classical Revival-style building was constructed in 1921, with windows facing Milk, Arch, and Hawley streets. Its ground floor is home to a US Postal Service location that “is not part of the applicant’s property,” the developer’s BPDA application states.
All told, the city of Boston has applications to convert 18 offices spanning 611,000 square feet into 690 apartments.
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