The building at 740 S. Broadway that houses downtown L.A.'s historic Globe Theatre will be getting 47 apartments on the upper floors, as well as two new bars.

According to Curbed LA, the developer, 740 South Broadway Associates, LLC, submitted their plans to the city on Wednesday. The idea is to put 47 live/work units on the top ten floors of the building, a lounge and landscaping on the roof, and to add two bars on the ground floor. The upper floors haven't been used for anything since they were offices in the 1980s. The developer also wants to restore the building's facade and lobby.

According to Downtown News, the project should be finished sometime in 2018. The theater itself, which is primarily used as a nightclub and event space, will continue to operate during construction.

The theater opened in 1913, and was at one point in time called the Morosco Theatre, named after the theater producer who built it, Oliver Morosco. It closed in the '80s, but the auditorium was eventually used as a nightclub after the theater floor was leveled. The theater closed again for renovations in 2011, then reopened in August of 2015.

Related: Photos: Seven Gorgeous Historic Theaters Opened For One Night In DTLA