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BOSTON-Commonwealth Ventures LLC and Kennedy Associates have proposed a revamp of 185 Franklin in the Financial District here. The proposal submitted to the Boston Redevelopment Authority on Wednesday is looking to redo the lobby, façade and convert some existing office space into 15,500 square feet of retail with frontage on Franklin Street. The Boston Herald is reporting that the renovations will cost roughly $39 million, although a year ago the plans were cited as being in the $50 million to $100 million range.

The proposal reads that “establishment of a new lobby entrance on High Street, and recladding of the base of the antenna array located on the roof of the existing building. New retail space will be located on the ground floor opposite Post Office Square to enliven the street and provide services for the neighborhood. Minor updates to the building façade and windows will support the renewed retail and office spaces.”

The project will redo space on the first floor, while the total renovations will reduce the gross floor area by 9,978 square feet and lower the building population from 3,000 to 2,300, as an estimate. The renovation also proposes a modification to the existing basement space resulting in 110 parking spaces.

This redevelopment plan has been bandied about since its purchase a year ago, but was not officially filed with the BRA until Wednesday. The building has been a long-time local corporate home to Verizon Communication Inc., which will continue to reside in its space whether or not the renovations are approved by the BRA. The status of the renovation according to the BRA is “under review” and the comment period ends on November 2nd, 2009.

Kennedy and Commonwealth Ventures purchased the 22-story property last year for $192 million from Verizon in a sale-leaseback arrangement that will find the telecommunications company settling into 100,000-square-feet. The BRA did not respond to GlobeSt inquiries by deadline.

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