The old Regions Bank building that sits just off the Gainesville square may soon become an upscale boutique hotel. 

Capstone Property Group, LLC, purchased the iconic structure from 111 Green Street LLC, a local investment group that shares its name with the address of the building. 

Jonathan Collins, president of Capstone Property, said he intends to convert it into a 50-room hotel. 

“The existing structure is in good condition, but the skin of the building is not the most attractive thing,” Collins said. “That’s going to have to go.”

By keeping the interior structure, he said it not only helps make the renovations more affordable, but “drives some character into the building.”

In the next couple of weeks, Collins said Capstone Property will have all of the renderings and a timeline of the project.  

Jim Walters, president of Walters Management Co. and one of the investors who sold the building, said the former bank has remained mostly vacant with limited rentals since 111 Green Street LLC purchased it in 2010.

He said this long vacancy was mostly due to a restriction from Regions that they couldn’t lease to another bank. 

“It was equipped to be one and we had to overcome that restriction,” Walters said.

The building began as First National Bank in 1964, followed by Regions in the late 1990s. 

While vacant, it served as a backdrop in multiple film projects, most notably in “Baby Driver.”

“We’re excited to have someone buy it that’s going to make an improvement in downtown Gainesville,” Walters said.