Rutgers originally intended to develop the building as a hotel, but the project fell through after September 11, 2001. In February 2012, the university announced that it planned to renovate the vacant structure for graduate student housing, citing the growing need and prime location near the campus and the Newark Broad Street Station. The project calls for a conversion into a mixed-use complex with furnished studio apartments and one- to four-bedroom units for 350 students. It is expected to cost $71 million and be a catalyst for continued renaissance of downtown as a residential as well as commercial community. The project is financed through grants, tax credits, and bond issues. Renovations are expected to begin in 2014 and completed in 2015. and will include public performance spaces and a penthouse for the school's chancellor.