Published: Sep 26, 2012 6:23 PM EDT
Updated: Sep 26, 2012 6:26 PM EDT

FORT MYERS, Fla.- The Pittman Group is under contract to purchase the old Ambassador/Amtel hotel. The total project will cost $52 million and construction costs alone will be $25 million.

Developer, Bob Macfarlane said, "When you look from the Edison bridge and look downtown and you see this building. It is jus a huge building looming there."

Macfarlane is aiming to transform this hotel. It has been vacant at least a decade. He said, "If that building was to completely change- its look and texture-I think you have added something to downtown area."

But he needs help from the city in the form of money. He wants a percentage of future city taxation. That number is not yet known.

The project calls for a 340-unit senior living community on Fort Myers' waterfront, but Fort Myers' Mayor said getting the money will be challenging.

"This project is extremely difficult to do in America because we have a difficult banking environment and this is a difficulty property," he said.

The Community Redevelopment Agency will continue to discuss the future of this building next Thursday.