The City of Buffalo owns a piece of prime real estate downtown that it's ready to sell. 

Offers will be accepted on the former Buffalo Police Department headquarters at 74 Franklin Street once it goes on the market November 26.

"In terms of the potential for this building, it really is tremendous in terms of its location," said Brendan Mehaffey, executive director of the city’s Office of Strategic Planning. "Whether it be residential, whether it be hotel, whether it be office. There will be people looking at this building with all those factors in mind."

City officials said an outside appraiser valued the 83-year-old building at about $3 million. They're asking top dollar for the sale, along with an owner who shares their vision of downtown Buffalo's resurgence. 

Mayor Byron Brown pointed to HarborCenter — once a city-owned parking lot turned into a major private development — as an example of the property’s potential.

"Our goal is to have a downtown that is a great live-work-play-learn environment, so something that fits into the great character and vibrancy that we see developing into downtown Buffalo," Brown said.

Historic tax credits, which have helped fuel many projects in the city in recent years, will be available to perspective buyers of the building.

"They can provide a significant amount of the equity actually required to get the private financing for these deals," Mehaffey said.

In the meantime, the department has almost completely vacated the building for their new combined headquarters with the Buffalo Fire Department at the Dillon Courthouse.

The police practice shooting range will stay the basement of the former headquarters until the building is sold. They could use other police ranges in the area before they find a permanent solution.

"We are exploring the option of building a state-of-the-art range in the city of Buffalo," Buffalo Police Captain Jeff Rinaldo.

And after eight decades serving the police, 74 Franklin could soon serve the city in another important way.