Lansing voters passed Proposal Two by an overwhelming margin Tuesday, allowing the city to sell the building, which has been vacant for nearly fifteen years.
"The best case scenario from a pure financial standpoint would be to knock it down, it'd be much cheaper to do that," said News 10's Business Today's Chris Holman, a potential developer, "but because it has so much architectural integrity, you really have to look at preserving the building if possible."
There's about 180,000 sq. feet of space for potential development. Eventually it could be home to restaurants, bars, nightclubs, retail stores, office space, even luxurious penthouses.
The next step will be a "request for proposal" or RFP. Anyone who wants to develop the building can submit a plan to the city.
Holman said it could be many years before anything happens with the building, but when it does, there's huge potential to bring more life to downtown Lansing.
"It needs to be something with a high economic impact for the city, something noteworthy," Holman said.