LOUISVILLE—When it was finished in 1963, the 800 Apartments building in downtown Louisville was the city's tallest and a glamorous place to live. It declined in the intervening years as downtown living became unfashionable, hitting a nadir in 1997 when it was sold for less than $4 million.

But Village Green, one of the nation's largest and oldest privately-owned developer, owner and manager of luxury apartment communities, recently unveiled plans to revive the 29-story building by adding a boutique hotel style lobby, a 29th floor Sky Club and rooftop Sky Park, and extensive exterior improvements and apartment upgrades. Louisville media outlets have reported that the Farmington Hills, MI-based company, which specializes in the renovation of historic buildings, has the property under contract and has already held extensive meetings with neighborhood residents.

“The 800 Apartments was a modern architectural icon that we look forward to restoring, upgrading and returning to being Louisville's premier address,” said Village Green chairman and chief executive officer Jonathan Holtzman in a prepared statement. Company officials did not return a message seeking more details on the transaction.