Renovation of the historic firehouse across from Detroit's Cobo Center into a boutique hotel — a project that's been in the works for three years — is finally set to move forward.

Developers ofin downtown Detroit said they have secured needed financing for the $34 million project.

The independent, 100-room hotel, which will tell the story of Detroit's past, present and future, is expected to open early next year, said Mario Tricoci, co-founder and CEO of Chicago-based, which is developing the hotel with Walter Cohen, owner ofin Southfield.

"We're going to work really hard to get to an opening by the auto show next year," he said.

"We've been getting so many phone calls ... (inquiring about) incorporating the hotel into various programs for the auto show."

Tricoci said the developers closed on a loan fromfor about 47 percent of the project's cost, or $16 million, late last month.

Rounding out financing are a subordinate loan for about $5.8 million from the's Community Revitalization Program, nearly $4.8 million federal historic tax preservation credits and a $7.5 million investment from majority owners Tricoci; Aparium's other principal, Kevin Robinson; Chicago-based; and Cohen as a minority owner.

in Birmingham is architect on the project, and Detroit-basedis general contractor.in Chicago is doing interior design for the hotel, Tricoci said.

The project, which is expected to create about 100 jobs, has taken longer to come together than originally expected, he said. Detroit's bankruptcy filing slowed the process of getting approvals to purchase the building. The developers had to go through the state to sign off on the sale, following the appointment of the emergency manager.

There was also protracted discussion with theover the design of the hotel to make sure it maintained historic integrity and qualified to secure the federal historic tax credits, Tricoci said.

In addition to the historic firehouse, the hotel will include the former Pontchartrain Wine Cellars building on Larned, a 13,000-square-foot, four-story building that shares a wall with the fire station. The developers acquired the building in 2013 for $1.25 million, Cohen told Crain's in 2014.

Sachse has completed selected demolition, with some things being salvaged to be reincorporated into the hotel, Tricoci said. There's also a model room completed, and cleaning and rehabilitation of the brickwork on the firehouse exterior is set to begin over the next few weeks.