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The Muse Update 09/27/17

New owner of Factory 63 Apartments in Fort Point proposes condominium conversion and new ground-floor office space

Jones Street Investment Partners, who acquired the 38-unit Factory 63 apartment building in Fort Point in January 2017, proposes to convert the building’s 29 market-rate apartment residences into for-sale condominiums and 2,695 square feet of ground-floor resident amenity space to leasable office space. Jones Street would remain the owner of the building’s nine affordable rental apartment residences, which include four innovation units and five artists’ units, in conjunction with Fort Point Arts Community (FPAC), who would ultimately become the owner of Factory 63’s affordable component.

Office lessees would be required to offer the space, which houses a co-working area open to the public daily and is currently used for monthly Fort Point Neighborhood Association (FPNA) meetings and displays of local artists’ work, for use for events and meetings by local arts and community organizations through express lease provisions. Jones Street has filed a Notice of Project Change (NPC) for the proposed changes to Factory 63 with the Boston Planning & Development Agency (BPDA), who is now reviewing the proposal. Factory 63 opened in 2013 and was developed by Gerding Edlen, who sold the building to Jones Street for over $13.5 million in January 2017. Set in a 1909-built warehouse, Factory 63 features studio, one- and two-bedroom brick-and-beam residences with the latest state-of-the-art appliances.

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