New owners of the historic Hotel Chisca say their bid to save the long-neglected Downtown landmark is halfway home. 

A local investor group closed on a $900,000 purchase of the long-neglected hotel Friday from the Church of God in Christ. 

The acquisition clears the first hurdle in a $20 million to $24 million redevelopment that's conditionally approved for $3 million in public incentives. 

Plans call for the eight-story structure to be converted into 150 to 195 apartments and street-level retail including a tribute to its place in Memphis music history.

"We're halfway there," said development team member Terry Lynch. "We've been working on this 18 months, and about 18 months from now, we'll have people moving in."