A $49.8 million dual-branded hotel will be situated in one of downtown Birmingham’s most venerable buildings.

Ascent Hospitality is planning the hotel for the 16-story Brown-Marx Building on 20th Street North, according to Commercial Observer.

Atlanta-based Peachtree Group has originated a bridge loan for the project, which will have 338 rooms, as an AC & Element Hotel.

The AC Hotel, oriented toward business travelers, will have 190 rooms, while the Element hotel will have 148 extended-stay style rooms with kitchens.

The project is slated to open in 2025, the outlet reported.

The Brown-Marx Building was built in 1906, with additions in 1908 and 1930. It was one of the structures that made up the so-called “heaviest corner on Earth” because it, the John Hand Building and others at the First Avenue North and 20th Street intersection were considered large for their time.

In 2006, a group of investors planned to buy the building and invest $22 million to convert it into condos, retail and restaurant space. Those plans fell through. It has been vacant since the early 2000s, was acquired in 2012 by Hughes Capital Partners, and was resold in 2018 to Ascent for $3.7 million. Ascent began extensive renovations.