For the first time in decades, a prime piece of real estate is up for grabs in downtown Chattanooga. The owners say it is the perfect spot for new development. The old Ross Hotel sits off Patten Parkway and Georgia Avenue or the first time in 40 years the piece of property is on the market.

"Traffic-wise and pedestrian-wise, it's an awesome location," says Ralph Paty.

Dating back to the late 1800s, the well-known building that sits at the corner of Georgia and Patten Parkway is rich in history.

"The Ross Hotel opened in 1925. And all the dignitaries that came to Chattanooga stayed here."

Ralph Paty's mother has owned the building since 1973. A lot has changed since the hotel's glory days, which housed guests like presidential candidate William Jennings Bryan. 'Yesterday's restaurant filled the bottom floor for almost 28 years and most recently the Midtown Music Hall for six years.

"I could have leased out the property the day after the last tenant moved to a nightclub type situation. That's not what she's interested in doing. She wants to do something positive," says Paty.

Paty's mother not only bought the hotel in the 1970s, but also the rest of the block.

"She developed every bit of it from, her law firm back up, re-doing it, remodeling it, this type of thing," he says.

Now the family is focused on breathing new life into the old building.

"The place, the particular area we're in, is set up beautifully for a restaurant," says Paty.

Paty says the family is looking to lease the bottom floor for business but is also open to selling the entire building for development, saying the more than 21,000 square feet of space would be great for condominiums.

"The building is very unique. When you go upstairs, you've got 15 foot tall ceilings, corner-shaped rooms," he says.

Paty, who lives on the block himself, says he only wants what is best for his neighborhood and the city.

"We think it's important because it's in the heart of downtown Chattanooga. We're trying to bring in business in this area that benefits the area, doesn't detract from it."

He says he is ready to expose the diamond in the rough.

"Come down, anybody that wants to come down and view it, holler at me and we'll take a tour. Bring a flashlight!"

Paty says you will need that flashlight if you want to take a look at the basement, which used to be a barber shop. He says the old barber chairs are still down there.

If you are ready to buy, the building is currently listed for $1.8M.