SPOKANE, Wash. -

After sitting empty for five years, local developer Ron Wells is moving forward with plans to bring the Ridpath Hotel back to life.

The historic Spokane hotel will be converted into an apartment complex, and while the first phase of the project isn't expected to be completed until next June, you can reserve your apartment now.

The floor plans for the apartments include studios, which range from 241 to 330 square feet, one bedroom apartments that range between 475 and 575 square feet, and a suite option that boasts more than 1,000 square feet of living space.

Prices are $395-$455 for a studio, $630-$760 for a one bedroom apartment and $1,395 for a suite.

Developer Ron Wells said the 236-room apartment complex will include luxurious amenities like a fitness center, theater rooms, community lounge and a swimming pool.

The idea is to get people living downtown, spend their money downtown and bring the Ridpath back to life.

"Having upwards of 300 people living here will make a huge difference, eyes on the street, lights in the windows, activity, restaurant busy, bars busy," Wells said.

Nearby downtown businesses agree.

"I think it's a positive move in downtown Spokane," Craig Larson with Jimmyz Red Room Lounge said.

So far there are approximately 60 people on the waiting list to get an apartment in the Ridpath.

"We are excited to have vitality on the block, it's definitely been a little dark," Ryan Desmond with The Wave added.

Desmond hopes the new apartments will bring a feeling of safety and more housing options to downtown.

"It would be nice to have more people living, working and hanging out down here," Desmond said.

Construction is slated to start in February and Wells hopes to have the renovations completed by October 2014.