GRAND ISLAND, Neb. -- One of the most iconic buildings in downtown Grand Island is getting a new look.

The second floor of the Yancey Building at Grand Island’s Railside is getting redeveloped.

The floor that will get renovated is just above the Equitable Bank in 123 North Locust. Paramount Development purchased condominium 201A on the second floor and will be turning it into office space.

Developers purchased the property for $40,000 and will make changes over the next year.

The developer estimated expenditures for this project including acquisition, rehab, application and legal fees will exceed $458,000.

Approved TIF for the project will be $143,409 over a period of 20 years.