WICHITA, Kan. (KSNW) — A developer from Denver, Colorado, is trying to restore a historic downtown Wichita building. He wants to transform it from an office space into an apartment. It would create 74 affordable housing units just next door to the Orpheum.  City council members gave their support on Tuesday.  The Old Farmers Bankers Insurance Building, located in the heart of downtown, was built in 1925 and has years of history. The deal is under contract, and the developer told me they could break ground on the renovation by the end of this year. City council looks at incentive for affordable housing GM Development Principal Sam Edelson says the landmark building will be the group's first project in the city. "We think Wichita is an amazing market. We know it's in need of incremental affordable housing," said Edelson.  The Commodore and Shirkmere apartments downtown are both closing down, showing the lack of cost-efficient options. Edelson says the vision is to bring 51 one-bedroom and 23 two-bedroom options to Wichita for people who make 60% or less than the area's median income. "Thirty percent of the units are at 40% AMI levels, and we'll commit to all the units at below fair market rent," said Edelson.  Wichita City Council approved a letter of intent for the city to issue up to $21 million in industrial revenue bonds. The city's backing will also help the developer's application for low-income tax credits. Wichita's Economic Development Analyst, Tim Goodpasture, said the project is contingent on getting a bid from the Kansas Housing Resource Corporation to fund the renovation. "They will sell those credits for 88 cents or 90 cents on the dollar, so they get the money to put into their project, and whoever is purchasing those credits is saving 10 or 12 cents on every dollar on any tax liability," said Goodpasture.  Wichita City Council Member Maggie Ballard said this is a win for her district as more people will be moving downtown for the new Biomedical Campus in the coming years. New house builds slowing down in Sedgwick County "Not only are we restoring a historic building, but we're also addressing affordable housing at the same time, in the core," said Ballard.  Edelson will find out if they will be awarded the low-income tax credits in July.  The sale of the building to the developer has been in the works since last year. JP Weigand Realtors, who is representing the seller, said the deal could go through after a bid is secured.