On Tuesday, the city of Cedar Rapids approved the sale of what used to be the Smulekoff's Furniture building, which will be redeveloped for multiple purposes.

Back in December of 2014, the city of CR bought the 100,000 square-foot building through the flood buyout program for about $4.7 million. The City Council sold the building this week to a company run by developer Steve Emerson for $415,000, and there's a a 10-year tax rebate worth $120,000 annually. As soon as the sale is official in about 2 weeks, Emerson plans to get to work on the building.

What will become of the iconic, five-story, brick building, you ask? The company, Aspect LC, plans to redevelop it into retail space, offices and 32 micro-unit apartments. City officials say they expect the property value to go up to $6 million because of the investment.

For more details on the Smulekoff building sale, click HERE.