KNOXVILLE (WATE) – A historic parking garage in downtown Knoxville is about to undergo a major renovation. The Pryor Brown Garage on Church avenue was identified last year as an endangered building that needed saving.

The city announced Thursday the building will be converted into a residential and retail area. The owners of the building say they were inspired by the building’s history and partnered with a developer to save it. The building was at one time targeted for demolition.

“It’s important that we preserve as many of the buildings as we can. Some are harder than others. This is a difficult one financially, but in the end I think it’s going to be a big payoff for years and years to come,” said Knoxville Mayor Madeline Rogero.

A third party firm will be hired to determine if the developers will receive a tax incentive.Related story: Knoxville College tops ‘Fragile 15’ list of endangered places in Knox County