Residential conversions gain steam with sale of two downtown office buildings — plus another deal in the works – Crain’s

A street-level photograph of an orange brick mid-rise loft office buildingTwo vintage loft office buildings downtown have sold to a developer who plans to convert them to apartments, and another office building marketed as a residential conversion candidate is moving toward a sale.
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Free at Last
6 months ago

Hmmm rezone from office to residential? Doesn’t that drop the real estate tax rate? Office space is taxed at a higher rate than residential. So either the residents continue to pay commercial rates or the tax base shrinks. Good news for you existing property owners. There is a 150% chance that your taxes will rise preciptously.

Pete
6 months ago

I’m sure there will have to be a percentage for the illegals and low life’s .

Hello, Indiana!
6 months ago
Reply to  Pete

I believe the rule is if one has more than a set number of units, 30% have to be reserved for Section Eight or face stiff penalties on a monthly basis from the Federal government.

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