LOUISVILLE, Ky. (WDRB) -- An old bank building in downtown Louisville could soon transform into a hotel after a key vote from Louisville Metro Council.

Louisville architectural firm Luckett & Farley plans to turn the building at Broadway and Fifth Street into a $50 million, 195-room hotel.

Metro Council just approved a plan to give back up to $2.7 million in property taxes over 20 years.

The building was built in 1960 by the late Al J. Schneider, who's also behind the Galt House Hotel and Waterfront Plaza office towers.

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