The Cleveland City Council is set to vote next Monday on the purchase of the former Cherokee Hotel at 44 Inman St.
Cleveland officials have long eyed the high-rise hotel for downtown redevelopment.
It now serves as the Summit senior living facility with 78 units.
The proposal would have the city paying $1,080,000 to the Cleveland Senior Housing Corporation, which is located in Fort Worth, Tex.
The city also commits to provide $420,000 toward relocation of the Summit residents, including a possible PILOT tax abatement, infrastructure or some other type of help. An area on South Lee Highway was earlier being considered as the new site.
Officials want to see the former hotel redeveloped as residential at market rates.
A $15,000 study was carried out to make sure the building was still structurally sound.
Senior City Planner Corey Divel earlier wrote, “Conversion of this site from a current subsidized housing complex to a redeveloped use based on market rates would be a critical step in raising surrounding property values, and act as a catalyst for further redevelopment along Church Street and the immediate area.”