“We know the area,” he said.

What Tanenbaum plans to do exactly with the 316-room hotel, constructed in 1967, is still unknown. He said he hopes to reveal his plans for the property this fall. Until then, he would only drop a few hints as to the future of the Lincoln Plaza.

“We’re got a very exciting clever concept, but it’s a work in progress,” he said. “It will be most unique.”

In all, the hotel, convention center and a restaurant space includes more than 400,000 square feet. The sale did not include the adjoining Lincoln Plaza Office Park that primarily houses state agencies. While that office space has remained in use, the hotel sat decaying after failed development plans, and ultimately fell into foreclosure. The last developer with plans for the site was Tom Parrish. Those rehabilitation plans fell by the wayside and for the last few years the hotel has sat vacant.

Despite abundant deferred maintenance, Tanenbaum has faith in the bricks and mortar of the old hotel.

“It’s rock solid,” he said.

The sale was handled by Tim Strange and Brett Price with Sperry Van Ness/William T. Strange & Assoc. Strange said he took the project to Tanenbaum knowing he was the man to get the job done right. Fortunately Tanenbaum was interested and began work on financing the project.

“He’s the perfect buyer for this property,” Strange said.  “Everything he’s done with redevelopment into residential has been special.”

Tanenbaum said the project will receive the same care as his other residential projects.

“We’re really going to do it right,” he said.