River Hospital in Alexandria Bay now owns the neighboring Monticello Hotel.
It was a gift from the Macsherry family so that the hospital can use the property to expand its services by either renovating the old hotel or tearing it down and starting new.
Now hospital officials have a better idea of what to do with it.
"To be a medical office building it will require to go down to the structure and rebuild from there. Our hope is that we could do that and make it function really well for those services lines, but then also you know maintain that historical relevance on the outside and bring back to what it looked like in the 20s," said Stephanie Weiss, River Hospital executive director of development.
The next step is to come up with final estimates on how much it will cost to re-purpose the hotel.