Not huge news, but ever since Infinite Chicago (the restored Steger building on Jackson at Wabash) and now Old Colony, I've been really curious about this whole upscale student apartments concept and how it even makes sense.
After doing that piece on the Old Colony building restoration, I was in good enough graces with the parent company behind the student housing developments to be able to talk to their COO to have him explain it to me. I wrote up the gist of it here:
http://chicago.curbed.com/archives/2...nt-housing.php
They seem to be doing amazingly well with very fast growth. They mainly build their developments in college towns as close to campus as possible, but they don't affiliate with the schools at all. They compete against poorly-run and overpriced university owned dorms by having everything anybody could ever want in an apartment, priced just a little higher. Chicago is the first urban market they've entered, but there's so damn many schools downtown it makes sense to try out the concept here.
After I toured OCB I said here that it's a shame that building will be only for students, and maybe after a while they'll want to flip it to market rate residential. Turns out the company also has a market rate res portfolio, so they wouldn't even have to flip the building... if the market changes and student apartments doesn't work, they could change the business model to regular apartments in no time at all.
Also, the OCB property's website is up now, and on the gallery page they have some renders of the interiors, so you can see how they're handling the aesthetic with all the wood.
http://arcatoldcolony.com/gallery/