An Illinois-based real estate company has acquired a prime office building in downtown St. Paul — the long-vacant Ecolab University office tower — with the intent of converting the 16-story high-rise into apartment rentals.

Inland Real Estate Acquisitions of Oak Brook, Ill. announced in a written statement Tuesday they had purchased the office building at 386 N. Wabasha St. to create 178 “upscale family units” hand in hand with the Kaeding Development Group of Bloomington.

Constructed in 1971, the office tower maintains a skyway connection that offers quick access to Treasure Island Center, a former Macy’s department store that now houses an enclosed rooftop ice rink, a two-level Walgreens pharmacy, restaurants, gyms and office employers. The skyway connection proved to be a key selling point, according to Inland officials.

Plans call for 178 studio, one-bedroom, two-bedroom and three-bedroom apartments, as well as a rooftop sky deck, access to a parking garage and other amenities. Developer Carl Kaeding said in the statement he expected completion by mid-2024. Terms of the purchase were not immediately disclosed.

Unlike another former Ecolab office tower — the Osborn 370 business hub next door — the former Ecolab University tower has sat vacant since roughly 2016, when the international water, hygiene and energy technology company began consolidating its Wabasha Street properties at the nearby Travelers tower.

Chicago developer John E. Thomas acquired 386 Wabasha at a foreclosure auction shortly after being released from federal prison where he had served time for fraud. His Freedom Development Group then announced plans to open “The Nicole,” which would include luxury apartments and office suites over a 10,000-square-foot grocery store and wine bar.

Nothing much moved forward but lawsuits from contractors and investors who claimed they were owed more than $14 million. With utilities going unpaid in the dead of winter, a Ramsey County District Court judge appointed a receiver in December 2021.