This historic building is set for a major renovation.

A nearly 90-year-old building on prime Atlanta real estate is poised to be brought back to life.

Newer Atlantans will recognize the property as being home to downtown’s Hooters, sitting across from the Hard Rock Cafe and Westin Peachtree Plaza Hotel at the intersection of Peachtree Street and Andrew Young International Boulevard. But more seasoned locals will recognize it as the long-ago home to the high-end Regenstein’s Department Store.

New York-based real estate firm Marx Realty announced this week plans for the multi-million dollar renovation of the 207 Peachtree building, turning it into a modern 48,000-square-foot office and retail space while keeping the historic facade and Art Deco design elements. It will be reintroduced as The Department Building, with new elevators, building systems and a dedicated lobby.

Marx Realty President and CEO Craig Deitelzweig said buildings with “this type of character” are rare and in high-demand.

“While maintaining its beautiful original detail and timeless architecture, the dramatic enhancements will welcome a new generation of creative office users to the space,” Deitelzweig said in a statement.

The building was first home to Regenstein’s, described as “one of the south’s best known women’s apparel concerns” in a June 1929 Atlanta Constitution article.

The Peachtree store closed due to a lease dispute in 1978, two years after the Regenstein family sold the business to Jack Melton. The company, which was founded in 1871 on Whitehall Street, also had locations in Buckhead, North DeKalb Mall and Perimeter Mall when the downtown location closed.

When The Department Building opens, slated to do so in the spring, it will feature 18-foot high ceilings, original wood floors and an open rooftop with expansive views of the city. The office space could potentially be occupied by one tenant or multiple businesses. There are no current plans to end or extend the Hooters lease, a spokesman said.

The redesign is being managed by local design firm ASD | SKY; marketing and leasing is being managed by a JLL team led by Jeff Belamy and Liz Koteles.