Downtown Nightclub Building Slated for Residential Conversion 

Photo courtesy of Google Maps

A Brookline developer submitted plans to convert a former nightclub to apartments under Boston’s recently extended tax incentive program.

The project at 295 Franklin St. would create 18 apartments with average market rents of $2,600 to $5,700 per month, according to an application submitted to the Boston Planning Department by Jiahao Chi of Franklin Holdings Group.

The project could include a vertical expansion, subject to structural engineering studies. It will retain a portion of the commercial space, which formerly housed the multi-story Umbria Prime steakhouse and nightclub.

Four units would be reserved for households earning a maximum 60 percent of area median income, meeting the 20-percent affordability minimum under the program.

Franklin Holdings Group acquired the 14,580-square-foot building in 2017 for $7 million, according to transaction information compiled by The Warren Group, publisher of Banker & Tradesman.

The project is estimated at $4 million and team members include Peabody-based architects DMS Design and H+O Structural Engineers of Boston.

Boston Mayor Michelle Wu this month extended the deadline to submit applications under the city’s pilot downtown office to residential conversion program through the end of 2025. To date, developers have submitted applications to convert office space in 15 buildings into 507 housing units totaling 470,000 square feet.

Developers receive a 75 percent abatement on property taxes for 29 years, along with fast-track review by the BPDA.

Gov. Maura Healey last month added financial incentives from the state Affordable Housing Trust Fund that will be offered for income-restricted units included in the Boston program. The $15 million state contribution offers $215,000 for each income-restricted unit, capped at a maximum of $4 million per project.