Downtown Chicago is now a 24/7 live-work-play neighborhood, but there are still some pockets that are lagging. CA Ventures will be tasked with the future of one stretch of State Street and believes that it involves apartments.

CA Ventures has agreed to buy the Century Building at 202 South State St. and the Consumers Building at 220 South State St. for $10.4M and will convert them into 429 apartments in a $141M redevelopment. The buildings are owned by the federal government and were made available through a request for proposals process initiated by the Department of Planning and Development and the General Services Administration earlier this spring. CA Ventures believes that multifamily will enhance a fast-changing and bustling retail sector in the Central Loop.

The 22-story Consumers Building, designed by Jenny, Mundie & Jensen and completed in 1913, will be rehabilitated as approximately 270 micro-units. The 16-story Century Building, designed by Holabird & Roche and completed in 1915, will be rehabilitated and expanded as 159 furnished studio and one-bedroom apartments. A building at 212 South State will be demolished and a 15-story structure will be built in its place as a connected addition to the Century Building. The historic features of 214 South State will be also be retained in a newly constructed two-story building on that parcel.

The project will include a $4.38M Neighborhood Opportunity Bonus payment and a $5.65M payment into the city’s Affordable Housing Opportunity Fund. CA Ventures is also building a 26-story apartment tower at 1136 South Wabash.

CORRECTION JUNE 6 3:53 P.M.: An earlier version of this article incorrectly listed the purchase and development prices. It has been updated.