GUELPH—Negotiations are reportedly taking place with regards to a possible sale of the historic Petrie Building in the city's downtown.

Marty Williams, executive director of the Downtown Guelph Business Association, this week confirmed wide speculation that a party is seeking to purchase the property at 15 Wyndham St. N.

"I'm sitting here with my fingers and toes crossed. It's more than a long-shot, I'd say. There's a good chance of something good happening there," Williams said, when asked if talk of a potential buyer were true.

Williams said there have been unfounded rumours of such negotiations in the past, but these discussions are legitimate and positive "in a way that it has never been before."

Williams said he wasn't at liberty to reveal who was showing interest in purchasing the building.

"The people involved are serious people and it's not just a Hail Mary," said Williams. "I haven't heard anything to suggest (there has been a sale), just that all signals are positive. I know that the people involved have the ability to make it happen. It's not their first rodeo, as they say."

Williams said "it would be a good day" if the sale happens.

The Petrie Building is owned by Chris and Cathy Agelakos, who operate the popular Apollo Eleven Restaurant on the ground floor. Cathy Agelakos declined to comment for this story when contacted.

Guelph's Tyrcathlen Partners, which specializes in acquiring and restoring heritage properties, has been rumoured to be connected to the talks. A woman answering the phone at the company this week said "no comment on that right now" when asked about the firm's possible involvement.

Tyrcathlen Partners has been part of restoring and repurposing a couple of high-profile Guelph properties, namely The Granary Building, across from the rail station, on Farquhar Street and the old Guelph Civic Museum building, on Dublin Street.