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Former Dearborn Hyatt Regency Hotel, which closed in December of 2018, will now be sold and revamped into an apartment complex. A company based in New York, recently purchased the building and is now looking to make it into a permanent living space for suitable renters.

Photographer: Jeff Kowalsky/Bloomberg via Getty Images

Amir Makled, An attorney for the unidentified New York based buyer, said that the company intends to turn theĀ  former 773-room hotel building into a 375 apartment building and potentially a small hotel. Markled said, “We have a buyer who’s well capitalized and has the credentials to redevelop the property to its prior glory. They are committed to having a very swift transformation and getting a project approved through the municipality and moving through all the construction phases as quickly as possible.”

No timetable has been given as to when the project is set to began and end as of yet.