McHugh Nears Completion of $58 Million Conversion of Office Building to Student Apartments in Chicago

The Arc at Old Colony has qualified for a $10 million federal historic landmark tax credit. The Arc at Old Colony has qualified for a $10 million federal historic landmark tax credit.

Chicago — The restoration and conversion of the Old Colony office building, located at 37 W. Van Buren St. in Chicago, into luxury student apartments is nearly complete.

The building, renamed The Arc at Old Colony, is in the last stages of its $58 million update by CA Ventures LLC and MCJ Development. The building was originally constructed in 1894 and is on the National Register of Historic Places. This qualifies the building for a $10 million federal historic landmark tax credit, which is being guided by MacRostie Historic Advisors. McHugh Construction has completed the renovation and conversion of interior offices to 137 apartment units, which are 75 percent leased

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