Back Bay proposes major residential project

Vanbarton Group has applied to convert the 11-story Park Square Building at 31 St. James Ave in Boston into up to 490 residential apartments, making it the largest office-to-residential project in the city. The project would cost up to $410 million, with most of the building’s current office tenants expected to vacate within a year. The property, which sold for $96 million after foreclosure, features ground-floor retail and is valued significantly lower than its mortgage, reflecting financial struggles since the pandemic.

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