CHICAGO-A partnership of Chicago developers Michael Moyer and Keith Giles is looking to invest $50 million to redevelop the landmark Old Colony Building here.

The partners have inked a contract to buy the 17-story building at 407 S, Dearborn and have a filed an application for a zone change with the city, according to the Chicago Sun-Times.

Moyer and Giles are looking to convert the former office building into 204 residential units. The ground-floor space will continue as retail space, while the developers have envisioned a landscaped roof and a small addition to a rooftop penthouse. Moyer says that redevelopment work would cost $50 million and if a zone change is granted, work could begin by the end of this year and the project would be completed in about 15 months. See story in the Chicago Sun-Times.