The renovation of the famed Cecil Hotel, now known as Stay on Main, in downtown LA is expected to cost $100M.

The building will have 301 micro-apartments and a boutique hotel. Simon Baron Development has a 99-year ground lease on the property signed with the building's owner, 248 Haynes Hotel Associates.

Out of the building's 600 rooms, 301 of them are subject to preservation under a city ordinance, and since 30 are occupied, the tenants would be eligible for permanent or temporary relocation benefits, according to the LA Times.

The micro-units, which would range in size from 150 to 325 SF, would come fully furnished and will be designed by New York's Ollie.

There will be space-savers in the units and amenities in the building including programs such as guest lecturers, a rooftop swimming pool and a gym.

Work is scheduled to begin in the spring of next year and last for around two years. [LAT]