The historic YMCA building in St. Petersburg could soon have a new owner.

According to partner newspaper the Tampa Bay Times, a second buyer says he has the money and is ready to close.

If the sale happens, Nick Ekonomou says he would renovate the building to include a spa, restaurant and youth recreation area - along with apartments or hotel rooms.

The building, located at 116 Fifth St. South, formerly housed the YMCA, which closed in 2001.

Ekonomou is a former Florida State University football player who is now a developer. He has worked on several apartment projects and single-family homes in Miami-Dade County.

According to the Times, local music promoter Thomas Nestor signed a purchase agreement to buy the property through installment payments in late 2012. Nestor said he has a letter of commitment from a group for the $1.2 million balance due and will be able to take ownership July 15.

Ekonomu said he hopes to buy the 1926 Mediterranean revival-style building July 16 if the Nestor deal falls through.