Developer Eric Blumenfeld recently acquired the building again for the second time in eight years. He plans to convert the property into 126 rental apartment units with 25 units set aside for subsidized, affordable rate leases. The ground floor would be used for restaurants or food outlets. Blumenfeld said he would immediately try to finalize design plans, permits and financing for the renovation project. The project is to cost about $43.5 million. Blumenfeld said he already had secured more than half that amount from U.S. Bank and will seek tax-credit financing and a state grant for the rest. He has also said he was in discussions with restauranteur Marc Vetri and Iron chef Jose Garces about taking space in the building.