In downtown Detroit, a joint venture of Detroit-based developers, Means Group and Roxbury Group, has bought The Metropolitan Building from the Downtown Development Authority.

The purchase is considered a significant step toward a $32 million redevelopment project to turn the historic Weston-and-Ellington-designed building into an Element hotel, announced the developers.

“The redevelopment of The Metropolitan Building serves an important role Downtown’s revitalization and we are thankful to our partners for helping make it happen through their commitment and collaboration,” said Eric Means, the Means Group CEO. “Not only are we activating a building that has sat vacant for 40 years, but we are filling a critical gap in city’s hotel market by introducing Michigan’s first Starwood’s Element hotel brand, offering a high-quality, extended stay option, in Detroit.”

Indeed, in the same way that 54% of buyers are willing to pay more for a home with desirable features like hardwood floors, the buyers of the Metropolitan were attracted to its neo-gothic exterior and ornate interior features. The beautiful, 91-year-old Metropolitan building once housed a jewelry business, but was vacated in 1977. It’s fallen into disrepair.

The plans for the new hotel were announced in May, and call for 110 hotel rooms, top-to-bottom renovation of the 100,000 square foot interior, a 2,000 square foot meeting space, and an outdoor patio on the 11th floor’s rear rooftop, in addition to the restoration of the 14-story exterior.

The Element brand, which is owned by Connecticut-based Starwood Hotels and Resorts Worldwide, was launched as an initiative to create eco-friendly hotels. This development is being funded by new market tax credits, historic tax credits and other incentives from Michigan’s Community Revitalization Program.