Dinosaur Capital Partners selects TOCCI to convert 31 Milk St.

Boston, MA Dinosaur Capital Partners has selected TOCCI as construction manager for the conversion of 31 Milk St. The historic 11-story office building in the city’s Financial District will be transformed into 110 residential apartments, helping bring new housing to the downtown core. 

Designed by ICON Architects, the project is part of the City of Boston’s Office to Residential Conversion Program, which aims to revitalize downtown by transforming underutilized office space into new housing. 

The redevelopment will convert the upper floors of the building into a mix of studio, one-bedroom, and two-bedroom rental apartments, with residences planned for floors two through eleven. New resident amenities will be located in the building’s mezzanine and basement levels. 

The existing USPS Post Office on the ground floor will remain open during construction, maintaining an active presence along Milk St. 

“We’re proud to help bring new housing to downtown Boston through the City’s office-to-residential conversion program,” said Mark Dufton, managing partner at Dinosaur Capital Partners. “ICON and TOCCI bring the right mix of design expertise and construction experience to make this transformation possible.” 

“31 Milk St. revitalizes a key downtown block while restoring an important piece of Boston’s architectural history,” said Bethany Moody, AIA, Senior project manager and team leader at ICON Architects. “The adaptive reuse of the Beacon Trust Company Building balances preservation with transformation in response to the City’s urgent need for more housing. Retaining the original 1923 façade and ornate lobby, the design adds contemporary residences and modern amenities that bring renewed energy to this historic corner of the city.” 

“For more than two years, we’ve focused on a single question: how do office-to-residential conversions truly pencil? After analyzing and pricing 17 projects, we developed a process to reduce cost, manage risk, and unlock feasibility in a category where many projects stall. 31 Milk St. is our first opportunity to bring that work to life – and we expect it to be the first of many,” said Marvin Lahoud, managing partner at TOCCI. 

The project supports mayor Michelle Wu’s Office to Residential Conversion Program, which has helped launch more than 1,500 new homes across the city. The redevelopment of 31 Milk St. demonstrates how adaptive reuse can preserve historic architecture while addressing growing housing needs.