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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.
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.
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.
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
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