Boston Office Tower Converted to Residences

Dinosaur Capital Partners and Mugar Enterprises have secured $44 million in construction financing for the project.

Updated on Oct. 9, 2026 in Commercial

Boston Office Tower Converted to Residences

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Do you support converting local office buildings into residential apartments to increase housing supply?

A 1921 office building in Boston's Financial District is undergoing a transformation into a 110-unit residential community. Developers Dinosaur Capital Partners and Mugar Enterprises have secured $44 million in construction financing to move the project forward.

Why it matters

The redevelopment repurposes aging commercial office space to help meet residential demand in downtown Boston. By blending market-rate and affordable units, the project integrates housing into a primarily business-focused neighborhood.

The redevelopment project at 31 Milk St. covers 11 stories and will feature 88 market-rate units alongside 22 affordable residences. Financing includes a three-year senior loan and support from MassHousing.

The players

Dinosaur Capital Partners

This real estate investment and development firm specializes in revitalizing urban properties.

Mugar Enterprises

This Boston-based diversified investment firm is involved in various development and philanthropic endeavors.

MassHousing

This quasi-public agency provides financing for affordable housing development across Massachusetts.

JLL Capital Markets

This global firm provides capital markets services, including debt and equity placement for commercial real estate.

The Davis Companies

This integrated real estate investment and development firm operates across several property sectors in the Northeast.

The details

JLL Capital Markets arranged the financing for the developers, with a senior construction loan provided by an affiliate of The Davis Companies. The project utilizes a mix of federal and state historic tax credits to facilitate the conversion of the 1921 structure.

The original building was constructed in 1921.
The residential conversion project is expected to be completed in 2027.

Culture Shift

The conversion at 31 Milk St. aligns with the office-to-residential adaptive reuse trend identified by the Gensler Research Institute. This project follows the pattern of adaptive reuse by retrofitting historical office stock to address urban housing shortages.

Residents in the Financial District will see a century-old landmark updated into a residential community by 2027. The project's inclusion of 22 affordable units provides a rare opportunity for workforce housing in a high-cost urban core.

The takeaway

Repurposing older office assets like the 1921-built 31 Milk St. allows developers to address housing inventory gaps in saturated districts. This trend demonstrates how historic preservation can successfully coexist with modern residential requirements.