For years, the Medical Arts Building has stood abandoned between Midtown and downtown, a crumbling relic of Atlanta's historic architectural past.

Through the years, the owners of the building have remained elusive, and no plans have materialized to either rehab or replace the nearly 90-year-old structure.

However, at the end of last month, the building turned up on the National Register of Historic Places, sparking speculation that it could be redeveloped with the help of historic tax credits.

Suspicions were confirmed last night when Boyd Coons, Director of the Atlanta Preservation Center, sent Curbed Atlanta information detailing the donation of the façade of the building to Easements Atlanta — a group that ensures preservation of buildings through the donation of façade easements in return for tax credits for development.

With the donation, the building’s historic façade is now protected from any development plans in the future.

According to Coons, the deal is three years in the making. Global X — a group that’s made a name for themselves investing in the rehab of historic buildings across the country — approached the Atlanta Preservation Center seeking an ideal project in Atlanta.

After reviewing a number of properties, global X elected to pursue the Medical Arts Building, and will ultimately facilitate the adaptive-reuse of the building, though it is still unclear exactly what the future will hold.

Here’s an excerpt from the press release prepared by Eastments Atlanta, detailing what’s known right now:

Just as it took decades to transfer the property to the current owner, the community should be patient as design and construction work is commenced in the coming months and years. Whether it ends up a hotel, office building, or functions for another purpose, Easements Atlanta... is confident that global X will create a fine product that will be a complement to the surrounding area and one that will spur continued reinvestment in that area on and near Peachtree Street.

We’ve reached out to global x regarding their plans for the structure and will update when more information is available.