FAYETTEVILLE - Developers have tried for decades to renovate the historic Prince Charles Hotel in Downtown Fayetteville, but now the iconic building has another chance at life. 

It's the first thing you see driving into Downtown Fayetteville, and now the building, built in the 1920s, will be restored. 

The hotel restoration is just part of the $65 million worth of private investment projects coming to Downtown Fayetteville alongside the new baseball stadium for the minor league team for the Houston Astros. 

"We'll also be building a parking garage just to the west of the Prince Charles Hotel, and we'll be doing a new construction hotel on top of it, as well as an additional residential tower on top of it as well," said Jordan Jones with Prince Charles Holdings LLC.

The $16 million facelift will turn the hotel into 60 apartment homes with retail and restaurant space on the bottom and office space on the top.

"My great-great grandfather actually built this section of the Prince Charles where we are standing today," Jones said. "So I'm very excited to be returning to my hometown and taking on this very exciting project." 

The new owners are hoping to restore the crown jewel to its historic charm, maintaining much of the original flooring, windows, and railings. 

For $800 to $1,300 dollars in monthly rent, they're hoping to target young professionals and empty-nesters to move in once the apartments are done this December. 

"It's convenient," said Nicole Walcott, who owns the Floating Shanti downtown. "I could literally wake up and go right to work. You could get all your shopping done downtown. There are amazing restaurants. Downtown just has so much to offer."