Historic Boston Office Building Converted to Apartments
The 11-story office building at 31 Milk St. in Boston will be transformed into 110 residential units.
Updated on Oct. 9, 2026 in Commercial
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Dinosaur Capital Partners and Mugar Enterprises have secured $44 million in financing to convert a historic 1921 office building into a residential community. The project will bring 110 new apartments to Boston's Financial District.
Why it matters
This project represents a significant shift in urban land use by repurposing aging office inventory to meet local housing demand. The development integrates both market-rate and affordable units to expand residential capacity in the city's commercial center.
The development secures $44 million in financing, including a three-year senior loan and historic tax credits. The finished building will house 110 units, comprising 88 market-rate apartments and 22 affordable residences.
The players
Dinosaur Capital Partners
A real estate investment firm focusing on property development and urban redevelopment projects.
Mugar Enterprises
A private investment firm known for its varied real estate holdings and local development interests in the Boston area.
MassHousing
A quasi-public state agency that provides financing for affordable housing and community development across Massachusetts.
JLL Capital Markets
A global real estate services firm that facilitates commercial debt and equity transactions for major development projects.
The Davis Companies
A Boston-based real estate firm that invests in, develops, and manages commercial and residential properties.
The details
The project involves an adaptive reuse of an 11-story building originally constructed in 1921. JLL Capital Markets managed the transaction, which utilizes a complex capital stack of federal and state historic tax credits alongside subordinate financing provided by MassHousing. A senior construction loan from an affiliate of The Davis Companies provides the primary funding for the structural conversion process.
Timeline
The office building at 31 Milk St. was originally constructed in 1921.
The residential conversion project is scheduled for completion in 2027.
The Home Front
This development follows the broader trend of converting underutilized downtown office space into residential living environments. It reflects a shift in urban planning as developers utilize historic tax incentives to address the high demand for city-center housing.
Residents should track the construction timeline for the 31 Milk St. site, as major renovations in the Financial District often lead to localized traffic or street-level changes. Those interested in potential rental opportunities may want to monitor the developers' project updates as the 2027 completion date nears.
The takeaway
Repurposing historic commercial structures provides a viable path to adding density in established urban neighborhoods. Prospective renters should keep an eye on project milestones for this 110-unit residential community as the building nears its 2027 completion target.
Further reading
Learn more about the latest developments in Commercial real estate projects across the city.
Source note: This article includes information reported by Nerej.
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