03/04/2013 09:47 am ET

THIS JUST IN: Hotel On The Registry For Historic Firehouse Site

A $23 million boutique hotel is in the works for the historic firehouse site in downtown Detroit.

A development group led by Walter Cohen and his Southfield-based 21 Century Holdings LLC has agreed to pay $1.25 million for the 1929 building that serves as the Detroit Fire Department headquarters, said Beth DunCombe, director of the Detroit Building Authority.

Read more on Crain's Detroit Business