There have been many attempts to open the hotel's doors since it closed in 1984. It has hosted numerous celebrations and housed people like Dr. Martin Luther King Jr., Katharine Hepburn, Joe DiMaggio and Babe Ruth, the Detroit Free Press reported Saturday.
Lawyers began final contract negotiations Wednesday on the 82-year-old building on W. Jefferson Ave., which are expected to last into next week.
When it's over, a $176 million package of tax breaks and loan options is expected to be enough incentive for Cleveland-based developers Ferchill group to reopen the hotel as the Westin Book-Cadillac.
It will have 455 hotel rooms and 66 upper-level condos selling for more than a quarter-million dollars.
This comes on the heels of more redevelopment in the struggling city. Mayor Kwame Kilpatrick said Thursday that Tiger Stadium will be torn down and retail and residential space built in its place.