BOZEMAN, Mont. -

New renderings released Friday show how the Bozeman Armory may look after it's purchased, and remodeled.

The prospective buyer, travel company Off The Beaten Path, is still in negotiations for the $1.2 million sale.

Cory Lawrence, the company's owner, plans on turning the building into a boutique hotel.

The renderings show they'd add more levels and a rooftop restaurant to the 30,000 square foot building.

A grand ballroom with balconies overlooking a stage are also in the works.

"We think it'll be an ideal space to have weddings, to engage with people Downtown" said Jerry Pape, the realtor handling the sale. "We hope that's going to be a magnet effect to what we have going on here."

The designs show a mixture of modern and Art Deco architecture.

Pape said the idea is to keep the the character of the Armory, and pay homage to Fred Willson- who designed many Bozeman buildings including the Willson School and the Ellen Theater.

"We're preserving a great portion of the Willson legacy and architecture" he said.

The Armory, which sits on Mendenhall near Black Avenue, currently sits in disrepair.

The Montana National Guard built it in 1941 to house tanks and military equipment.

In 2003, the National Guard moved to a new location. For a few years, various developers attempted to either repair or demolish the building.

Ultimately, the Armory sat vacant and uninhabitable before First Interstate Bank, the current owners, put it on the market.

"We've come a long way- the bank has put substantial time and money and effort into this because they believe in this project" Pape said.

Lawrence has also put substantial funds into the project- around $40,000 so far, Pape said.

Half of the $1.2 sale are going to basic remediation to get the building up to speed. Pape said the major projects included lead and asbestos removal.

The roof also needs to be replaced, but that project will come in a different form because Lawrence plans to build four stories on top of the current building- as shown in the renderings.

Pape said those new drawings reveal a bright future that makes the money well spent.

"It suggests a vibrancy that's hard to see right now in the Armory, but could really be elevated by a process like this and thoughtful work" he said.

Though an undertaking like this could come with a hefty price tag that translates into higher room rates and event rental fees, Pape said they'll look what's most affordable- for the buyer and future customers.

"We're at the point in time right now where we're going through your due diligence and trying to figure out how many things you can put into this, and still create an affordable room rate and an affordable investment per square foot rate" he said.

Plans may be bound to change, but Pape said being able to publish these initial renderings is a great leap forward.

"I'm so excited to have these" he said, adding "it gives us sort of the next step."