The purchase was completed in March and the new owners sought additional funding and tax credits to finance their plans for a boutique hotel, apartments and retail. In December 2011, plans moved another step when the partnership announced it signed an agreement with the Aloft division of Starwood Hotels to operate the 136-room hotel. The hotel occupies floors three through nine of the building with 105 high-end apartment units on floors ten and above. The $92 million renovation began in March 2013 and was completed in December 2014.