The owner of a Brutalist-style office building on Federal Street is the latest to propose a conversion through Boston's tax incentive program.
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Kendall Capital proposed a 155-unit office-to-residential conversion at 133 Federal St. in the Financial District, according to the Boston Planning Department. The 155K SF conversion project would be financed through historic tax credits, Banker & Tradesman reported.
The 12-story building was acquired by Kendall Capital Manager Mai Luo for almost $16M in December. Luo bought the property from Natick-based B.E. Realist LP, which had acquired the property in 1994 for $6M, according to public records.
Luo estimates that construction could take 16 to 24 months, B&T reported. The conversion would largely be made up of studios ranging from $2,500 to $4,500 in rent.
The Boston Landmarks Commission certified the Brutalist property, formerly known as the Blue Cross-Blue Shield Building, as a landmark in 2024.
The property was built in 1960 and designed by famous Brutalist architect Paul Rudolph. He also designed the state-owned Hurley and Lindemann buildings.
The proposal adds to a growing list of large office buildings planned for conversions downtown.
In total, the program has fielded 28 applications totaling 2,420 proposed units and 2.1M SF. As of last month, only one had completed construction, with some experts arguing that the city's tax abatements don't go far enough to help developers break ground.
In August, New York-based Vanbarton Group proposed a 476-unit conversion at 31 St. James St. in the Back Bay. The project would be the largest conversion in the city.
Other large proposed projects include Synergy’s 258-unit 294 Washington St. conversion and Mahoney Development’s 169-unit project at 50 Congress St.
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