Developers have proposed a $22.5 million renovation of a historic office building in the city’s Orange Loop neighborhood into 56 residential dwellings and commercial space. According to the Press of Atlantic City, the project by Philadelphia-based Atlantic Lofts Urban Renewal Entity and Odin Forward would transform an underused 53,552-square-foot property at 1 S. New York Ave. into market-rate residences, a rooftop deck and some ground floor office or business space.