The historically designated RKO Keith's Theater in Flushing, Queens, is finally getting turned into a multifamily development.

Xinyuan Real Estate purchased the site in August 2016 for $66M, the most recent of seven owners of the property since it was designated as a historical landmark in 1984. Each of those owners attempted to redevelop the property into a condo or apartment building, but after receiving the permits from the Landmarks Preservation Commission this spring, Xinyuan has actually begun construction, Crain's New York reports.

Xinyuan's development is set to contain 269 condos, ground-floor retail and community spaces, with Gilbane Construction Co. as the contractor. The ticketing lobby and grand foyer of RKO Keith's Theater, the protected portions, will be preserved with the remaining structure razed for the new development.

Chinese developer Xinyuan is also in the early stages of developing a condo project in Hell's Kitchen. Its first New York City project, the Oosten in Brooklyn, was one of the best-selling buildings in all five boroughs last year.