SOUTH BEND, Ind. (AP) — The city of South Bend’s Redevelopment Commission has approved spending $790,000 in tax-increment finance revenue to help renovate a century-old downtown building.

The South Bend Tribune reports the commission voted Thursday to use the money for the renovation of the eight-story JMS Building. Great Lakes Capital has committed to spending at least $7.6 million on the project.

Great Lakes’ plan is to convert the top six floors into more than 50 market-rate apartments. The first-floor will be used for retail businesses and the second floor will be devoted to office spaces.

The building is named after its original developer, John Mohler Studebaker, who was one of brothers that built Studebaker Corp. into a world-famous vehicle manufacturer.