A Columbus developer is taking a shot at restoring the Broadwin Hotel building, a 92-year-old E. Broad Street landmark that has been closed for almost two decades.

Eli Adahan, who bought the 8-story building in March, plans to invest $7.5 million to return the building to its original layout of 46 apartments, down from the 54 it most recently held.

Adahan is seeking $1.06 million in state Historic Preservation Tax Credits for the renovation.

The Broadwin was built in 1925 in a stretch of fashionable E. Broad Street apartment buildings. The brick-and-limestone building derived its name from its location on the northeast corner of E. Broad Street and Winner Avenue.

Its original 46 residences were chopped into 54 apartments when the building served low-income residents.

Adahan could not be reached for comment. But in his tax-credit application, he said high demand for rentals near Downtown coupled with a shortage of high-quality apartments on the Near East Side makes the time right to revive the Broadwin.

“The Broadwin can help serve an unmet need for housing catering to young professionals and employees of OSU Hospital East, “ Adahan wrote. “Given the property’s close proximity to Downtown, rental absorption should be very strong.”

Despite the crumbling stairs to the building and the abundance of ivy, the Broadwin’s exterior appears in good condition.

Adahan plans to remove the ivy, restore damaged brick and limestone, add interior storm windows to the original metal windows, and replace the building’s front door.

In addition, Adahan plans to renovate the adjacent garage, which requires more attention.

Adahan proposes adding a patio on the building's northwest side that would include a pergola, fire pit and outdoor kitchen.

Plans call for thorough renovation and updating of all apartments, including new mechanical, plumbing, electrical and fire suppression systems; new wood floors in living rooms and carpeting in bedrooms; and new kitchens and baths.

This is the latest effort to revive the building, which has changed hands five times since 2006.

An effort to convert the building into condominiums ended in 2007 after 25 units had been sold. Buyers sued the developer after work stopped on the project.

In 2008 and in 2012, the state agreed to award developers tax credits to help pay for renovations, but those efforts fell through.

jweiker@dispatch.com