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Boston: Emerging Exchange District could help spur more housing conversions in historic Downtown buildings

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~ The Boston Landmarks Commission has announced their proposal for a new National Register Historic District in Downtown Boston, known as the Exchange District. This district will encompass over 40 buildings centered around the intersection of Devonshire and Water streets, with the goal of celebrating the area's rich history and architecture while also providing financial incentives for building redevelopment.

The Exchange District holds great significance in Boston's history as it was once the hub of the city's financial, commercial, and industrial sectors. In the late 19th century, Boston boasted the second largest port in the country and was home to thriving industries such as wool, shoe, and leather manufacturing. This economic boom attracted financial institutions and insurance companies to the area, leading to its development into a major business center. By 1900, Boston's economy had shifted from manufacturing to sales and finance for manufacturers across New England.

The National Register of Historic Places is responsible for identifying and preserving historic places throughout the United States. Established in 1966 by the National Historic Preservation Act, it is overseen by the National Park Service and is considered the gold standard for honoring historic buildings. Downtown Boston already has several National Register-listed districts, including the Custom House National Register District and Bulfinch Triangle Historic District.

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The proposed Exchange District boasts a diverse collection of late 19th and early 20th century skyscrapers, with most buildings ranging from 6 to 12 stories tall. These steel-framed buildings were considered revolutionary at the time due to their use of elevators. The district also showcases a variety of architectural styles, with a concentration of Beaux Arts and Second Renaissance Revival buildings. The cohesive streetscape created by these light-colored masonry buildings adds to its charm and authenticity.

One notable building within the proposed district is the Kirstein Memorial Library, which previously housed both the Office of Historic Preservation and Boston Landmarks Commission's offices. Built in 1930, this building played a significant role in the civic life of the district as the only branch of the Boston Public Library system dedicated to business and finance.

The City of Boston is eager to have buildings and historic districts within its borders as it automatically makes them eligible for the Massachusetts Rehabilitation Tax Credit and Federal Historic Rehabilitation Tax Credits. These tax credits can cover up to 40% of capital costs for preservation-oriented rehabilitation projects, making it more affordable for developers and owners to revitalize historic buildings. The Boston Planning Department's Office to Residential Conversion Program has already seen success in leveraging these tax credits to create energy-efficient affordable housing in and around downtown Boston.

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By activating historic buildings through new uses, such as converting them into residential units, the Exchange District will see a new level of investment that will also make these buildings more energy efficient and resilient to climate change. The City will continue to provide updates on the Exchange District nomination in the coming months, as well as highlight projects that are utilizing historic tax credits to bring new life to some of Boston's most important buildings.

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