Capitalization of the short form of a compound noun, with a definite article

Solution 1:

I would err on the side of caution and use the legal style. Here's an example of where this would be useful.

Northern College's senior administration is considering a $100 million investment in campus infrastructure. Alumni groups have objected, citing a record of poor stewardship of the College's limited resources. However the college legislation recently introduced by the government will probably favour the College's administrators.

Factually nonsense but you can see that the use of upper and lower case allow us to distinguish the general from the particular.

Having said that, I'm sure different publishers will include a ruling this in their style guides.