P
roject Overview
Located in Boston's South End, 95 Berkeley Street is a six-story office building constructed in 1920 and last renovated in 1988. Acquired by CIM Group and Center Court Mass, LLC for $43 million in 2016, the developers plan to convert the property into 91 residential units, including studios, one-bedroom, two-bedroom, and three-bedroom apartments. This project aims to address Boston's housing needs while revitalizing an underutilized commercial space.
Location: 95 Berkeley Street, South End, Boston
Developer: CIM Group (Los Angeles) and Center Court Mass, LLC
Original Acquisition: 2016
Proposed Conversion: 91 residential units (26 studios, 41 one-bedrooms, 17 two-bedrooms, 7 three-bedrooms)
Total Building Size: 107,128 sq ft
Estimated Cost: $75 million
Financing: Combination of debt, equity, and public grants/subsidies
Proposed Conversion Details
Unit Mix: 26 studios, 41 one-bedrooms, 17 two-bedrooms, 7 three-bedrooms
Unit Sizes: Ranging from 500 to 1,200 sq ft
Rents: Estimated between $3,800 and $10,000 per month
Affordable Housing: 20% of units designated as affordable under Boston's Inclusionary Development Policy
Ground Floor: Existing retail spaces totaling 15,798 sq ft to remain; potential for additional retail or resident amenity space
Parking: 36-space below-grade garage to be retained for residents
Building Expansion: Proposed addition of approximately 20,000 sq ft to accommodate the conversion
Financing & Incentives
The project is estimated to cost $75 million, with financing sourced from a mix of debt, equity, and public grants and subsidies. The developers have applied for Boston's Office-to-Residential Conversion Pilot Program, offering a 75% property tax abatement over 29 years.
Current Status
As of September 2024, CIM Group has listed the property for sale with CBRE, marketing it as a redevelopment opportunity. The conversion application is still under review, and approval is pending.
Location & Connectivity
95 Berkeley Street is strategically located near major highways and public transportation, including the Back Bay MBTA station within walking distance. The building is situated near numerous dining, shopping, and cultural amenities in the South End and Back Bay neighborhoods.
