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A growing number of developers are considering converting empty office towers into housing as part of an effort to revive struggling downtown business districts that emptied out during the pandemic.
NEW YORK—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…
Development goals for the 'burbs and the much loved 421a development incentive land on the cutting-room floor in last-minute negotiations.
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.