The proposal by the Winn Development Company of Boston would redevelop the downtown site into educational, residential, office, and retail use.

Currently, the building is owned by Rochwil Associates and is in significant debt to the city. As part of the deal.. Winn Development will pay five million dollars for the building with the assumption of the City's $3.1 million loan to Rochwil.

Mayor Tom Richards says he'd like to see a downtown MCC campus be part of the project.