Redevelopment of the building will likely begin before the end of the year. The building's end use will be for affordable senior housing.
I'm not going to pretend that I know all of the details of the deal financially, but I will say that I pretty much approve of renovating historic buildings and keeping our historic structures and approve of filling empty buildings with people.
People spend money at local businesses. Empty buildings tend to be eyesores on neighborhoods, and house people who are involved in illegal activities creating safety issues in neighborhoods.
This should be a huge help to a neighborhood that is on the cusp of some real improvements.