The latest effort to lure creative office users downtown will involve a $10.5-million Peachtree Street renovation that pays homage to a historic building’s architecture and original purpose, developers say.

New York-based Marx Realty has announced plans for the modernization and rebranding of 207 Peachtree, a 1920s building at the southeast corner of Andrew Young International Boulevard and Peachtree Street.

Originally the downtown location of popular Regenstein’s Department Store, a purveyor of top-shelf fashion, the mostly empty structure will be renamed The Department Building.

Plans call for retaining the exterior’s Art Deco flourishes while adding 48,000 square feet of creative offices and a rooftop amenity with views spanning from Hard Rock Cafe across the street to Stone Mountain. (Downtown’s Hooters occupies a Peachtree storefront but a different address).

Future office tenants can expect a functional lobby area, 18-foot ceilings, fluted columns, and original wood floors, officials say.

“Buildings with this type of character are in high-demand in Atlanta and rarely exist,” Craig Deitelzweig, Marx Realty president and CEO, said in a press release.

The project is being managed by local design firm ASD | SKY.

The firm’s Atlanta projects have included Skyline Park at Ponce City Market and the Olympia Building’s painstaking resuscitation downtown.

The revamped 207 Peachtree building could suit a single large tenant or smaller outfits needing as little as 5,000 square feet. Developers are emphasizing its proximity to MARTA’s Peachtree Station, the Connector, and “abundant parking.”

Plans for The Department Building echo several adaptive-reuses of older buildings in surrounding blocks in post-recession downtown, including the Flatiron Building (now FlatironCity), the Switchyards project, and Auburn Avenue’s Constellations.