Two State Street office buildings, that the city put up for sale in March, will be redeveloped as part of a $141 million residential and retail project by CA Ventures, according to the mayor’s office.
The two buildings, located at 202 and 220 S. State St., are owned by the federal government. The 350,000-square-foot project involves exterior and interior restoration, and new construction.
The 22-story Consumers Building at 220 S. State Street will be rehabilitated into 270 micro apartments, according to the mayor’s office. The 16-story Century Building at 202 S. State St. will be turned into 159 furnished studio and one-bedroom apartments. The property at 212 S. State St. will be demolished and a 15-story building will take its place and be connected as an addition to 202 S. State St.
The project must be approved by the city council. The plan also includes a neighborhood opportunity bonus payment of $4.38 million and a $5.65 million payment into the city’s Affordable Housing Opportunity Fund.
The renovation will create about 200 construction jobs and at least 100 permanent jobs after the work is complete.
CA Ventures’ proposal made an offer to acquire the buildings for $10.38 million, according to the mayor’s office. The sale terms and price will be finalized this summer