Published: Aug 27, 2014 4:42 PM EDT

FORT MYERS, Fla.- A private company is getting more time to come up with millions of dollars to buy a vacant building in Fort Myers.

The city is giving the the MacFarlane Company another two months to buy the old Ambassador Hotel widely considered an eyesore for downtown.

The company has worked for about 18 months to buy the hotel but has been unable to pull together the financing and has missed deadlines to close.

Now the company is trying to get more cash to buy the place outright for $13.3 million.

The hotel, owned by a family in Thailand, has sat vacant for years. 

City leaders openly call the place a detriment to the revitalization of the riverfront.

The MacFarlane Company plans to convert the place to apartments for senior citizens.