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Old Colony Building Targeted for Gut Rehab, Rental Conversion

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Keeping up with the pace of downtown residential development announcements is becoming a challenge. One day after preliminary details were rolled out for a residential conversion of the Oriental Theater's office tower, Crain's is stating another developer's case for the landmark Old Colony Building at 407 S Dearborn between Congress and Van Buren. The Holabird & Roche-designed 17-story office tower lapsed into disrepair under several owners prior to 2009, until an intensive cleaning wiped away the grime seen at right (our thanks to Lynn Becker). Still, the building sits nearly half vacant. Developers Keith Giles and Michael Moyer, practiced in the art of the vintage rehab, have a major undertaking in store considering landmarks restrictions and the gut job required to move toward a proposed 204-unit rental redevelopment. As with the Oriental Theater tower plan, the routine hurdles of financing, rezoning, and property purchase still stand in the way. But there's a reason for all the confident pronouncements— the market numbers make for a downtown love affair.
·Developers plan to convert landmark building to apartments [Crain's]
·Prospect of Another Office-to-Apt Conversion Lands Downtown [Curbed Chicago]