LA CROSSE, Wis. (WKBT) -

A historic building in La Crosse damaged by a tornado nearly three years ago could find new life.

Armory Apartments is negotiating with city to buy the former Bakalars Building and redevelop it into an apartment building.

It will likely be similar to the Gund Brewery Lofts across the street from it.

On Monday, a city committee counter offered the latest proposal. "Overall a good project, it's just with all of these and limited dollars the city has, striking that right balance," said Mayor Tim Kabat.

It's estimated it will cost about $4.5 million to buy the building and then renovate it.

It could be completed by next June.