Atlantic City 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. 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.The project received a boost in mid-September when the New Jersey Economic Development Authority approved a tax credit award of up to $8 million to rehabilitate the property under its Historic Property Reinvestment Program.