A historic medical facility in Downtown Fort Worth is about to undergo major changes after landing in the hands of a new owner.

The three-story 1212 West Lancaster building was built in 1929 to serve as W.I. Cook Memorial Hospital. By 1952, the 89K SF facility offered only children's medical services. Then, in 1985, the site transitioned into a rehab facility until emptying out and remaining vacant for the past several years.

The buildings' latest owner sold the facility to SBAB Realty LLC this month for an undisclosed amount for redevelopment purposes. SBAB Realty has plans to revamp the Downtown Fort Worth building, but it has yet to reveal its exact plans.

"Being situated between the Arts District and Downtown Fort Worth will help bring new energy to the future of this property," Transwestern broker Jack Huff said in a statement.

Huff represented the seller along with Grant Huff and Medical Real Estate Inc.'s Stan Young. The new owner hired Vipul Shah to handle negotiations.

The site is expected to become a significant adaptive reuse project given its location in Fort Worth's urban core and its historic architectural heritage.