A building that caught fire Thursday in downtown Mobile was under contract to be purchased by Historic Mobile, a revolving fund that’s a subsidiary of Main Street Mobile and the Downtown Mobile Alliance, according to Elizabeth Stevens, President of the DMA.

The building, which sits at 407 Dauphin Street, is currently owned by the estate of Ronald Hoffman, which owns the adjoining furniture store as well. Historic Mobile had a contract to purchase the property and was in a 60-day due diligence period before deciding whether to proceed with the sale when the building caught on fire.

No decisions have been made as to whether Historic Mobile will go through with the sale, Stevens said. Right now, the nonprofit’s main priority is preserving the historic façade of the building.

“To lose the interior of a building is a big loss. To lose the value, to lose the history is a loss,” Stevens said. “Everybody agrees on preserving the façade.”

Mobile city officials said last week that the owners have until Wednesday to submit plans to the city to stabilize the façade. Stevens said that a structural engineer who had been hired to inspect the property is in the process of creating those plans.