The 200-year-old Arcade could re-open this fall with 14 retail shops and restaurants on the ground floor and 48 so-called "micro loft" apartments in the upper two floors. The apartments, which will average about 250 square feet, will have built-in beds, refrigerators and microwaves but no stoves, says developer Evan Granoff.

"This kitchen fits into the lifestyle of professionals who often find themselves eating out or cooking simple meetings at home," says Granoff.

The architectural integrity of the 1828 building will not only be restored but enhanced, says Granoff, with the $7 million renovation.

"One of these restoration projects will be to add the older style bay windows to the shops on the retail floor so shop owners can display their products," he says.

In addition, dozens of windows that were cemented over years ago will be restored.

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