For decades, the most famous building in the West Village was Westbeth, a massive blocklong former Bell Laboratories building that housed artists like Diane Arbus and Robert Beauchamp. Now, when housing in the neighborhood makes news, it’s typically focused on record-breaking sales at buildings like 150 Charles Street or the controversial conversion of St. Vincent’s Hospital into the Greenwich Lane condominium and townhouse complex.

Like many downtown neighborhoods, the West Village has shifted from a manufacturing and artistic stronghold to a center of tourism and wealth. Where meatpackers once carried hulking beef carcasses across the cobblestones at dawn, the new Whitney Museum of American Art now stands. And while Westbeth and its artists manage to hold on, it has become an island of affordability in a sea of multimillion-dollar homes.

Now comes the latest entry in this changing landscape. The Shephard, at 275 West 10th Street, at the corner of Washington Street, will open in 2017 with 38 apartments, with prices from $4.35 million for a two-bedroom to $29.5 million for a nearly 6,000-square-foot penthouse.

Originally built as a warehouse in 1896, the Shephard epitomizes the changes in the neighborhood. The 12-story red brick and granite building is part of the Greenwich Village Historic District, and in the late 1970s, it was converted into rental apartments. Last year, the Naftali Group and Starwood Capital bought it for $68.2 million, and it remains home to about a dozen rent-stabilized tenants.