ChicagoDowntown / Loop

Old Colony Building apartments, 407 S Dearborn St, Loop

by Joe Zekas on 2/24/14

The Old Colony Building, 407 S Dearborn St, is a 17-story Chicago landmark designed by Holabird & Roche. When it was completed in 1894 it was the tallest building in the city.

The Historic American Building Survey described the Old Colony Building as “Stately, perfectly proportioned, pure in outline and exquisite in tint … Built to admit all the light of the heavens …” You can see more of the building’s history at designslinger, Architecture Chicago Plus and Chief Engineer.

Building permits were issued on February 20, 2014 for the renovation of the building into 204 residential apartments with ground-level retail space. Occupancy is likely to occur in mid-2015.

The developer of the property is MCJ Development LLC, an affiliate of Keith Giles and Michael Moyer. Pappageorge Haymes is the architecture firm for the renovation and McHugh Construction is the general contractor.

The apartments

Firm details are not available, but the building is expected to offer a mix of studio and one-bedroom apartments.

The building’s landmark status will ensure that the units do not have private outdoor space.

Views. East-facing high-floor units will have a lake view, but the Old Colony Building’s view corridors are largely blocked by adjacent buildings.

Amenities, services, policies

Details of the Old Colony Building’s amenities package have not been publicly announced.

The Old Colony Building will not have on-site parking, but parking is available almost directly across the street on Dearborn.

The location

The Old Colony Building has a convenient Loop location close to parks, transportation, shopping, schools and major attractions.

DePaul University’s Loop campus and John Marshall Law School are a block east of the building. A number of other colleges and universities are within a few blocks.

The Art Institute and Chicago Symphony are a 5-minute walk east of the Old Colony Building, and the Loop’s theatre district is a few blocks north.

Shopping.
There’s a 7-11 convenience store across the street from the building. The closest full-service grocery is the Target at State and Madison, four blocks north of the building.

State Street shops, anchored by Macy’s, are within a few minutes’ walk of the building. The Shops at North Bridge, 50 stores and 20 restaurants anchored by Nordstrom, and other Magnificent Mile shops are a short bus ride away.

Dining, nightlife. There’s a wide array of dining and nightlife options near the Old Colony Building, starting with Rita Mae’s and Plymouth Restaurant.


Many of the nearby restaurants cater to office workers and tourists. A number of Chicago classics, including The Berghoff, Miller’s Pub and Italian Villageare nearby

Buddy Guy’s Legends and Jazz Showcase are a few short blocks south of the building

Parks, recreation. Grant Park, Chicago’s 319-acre “front yard,” is three short blocks east of the Old Colony Building.

Millennium Park, at the north end of Grant Park, is one of the most exciting and architecturally interesting public spaces in the country.

Pritzker Park, a small plaza with a green space, is just east of the building.

Transportation. Public transportation is outstanding – rather ironic for a building in a great walk-to-work or school location.

The Old Colony Building is within a block of six CTA train lines, and 3 short blocks from a seventh.

A large number of CTA bus routes criss-cross the area.

Congress Parkway, a block south of the building, provides quick access to I-90/94, I-290 and the rest of the city’s expressway grid.

The competition

The Old Colony Building’s most direct competitors are likely to be Randolph Tower, the Fisher Building and MDA City Apartments. It will also compete with student housing options available in the immediate area.

You can see more Loop housing options at our at-a-glance list of downtown apartments.

Rentals are typically available in a number of nearby condo buildings, sometimes at sharply lower rents than in managed apartment buildings.

You’ll find advice and tips at YoChicago’s Guide to renting in Chicago’s Loop / New East Side.

Old Colony Building in the news

More recent items are listed first.

  • Old Colony Building going residential
  • Developer plans to convert Old Colony Building to apartments
  • The Old Colony Building
  • Share your take on the Old Colony Building

    If you have information about the Old Colony Building, and are not a real estate agent, add your thoughts in a comment. Comments are moderated, and commercial messages are not allowed.

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