Developer George Sherman has a deal to buy the site that was originally going to be home to a 100-unit condo project called The Reserve at 360 N. 1st St, according to Finance & Commerce.
Construction on The Reserve stalled in 2003 after the developer and lender got involved in litigation.
Northeast-based Hillcrest Development had plans to buy the site for new development in early 2009, but that deal fell through.
Sherman plans to go before the North Loop Neighborhood Association’s Planning and Zoning Committee in April, said David Frank, president of the association.
“It’s a terrific thing and we can’t wait to see more information,” Frank said.
Sherman could not be reached for comment.