Although the Threefoot Building renovation project appears to be a dead deal, Meridian City Council president Bobby Smith says he's hopeful about the future.
Last month, the company that was set to transform the building into a luxury hotel, backed out of the deal.
HRI officials say they did this because they did not feel they had the support of Mayor Cheri Barry.
She recently expressed concerns over the costs.
With this latest development, Smith says he is open to ideas.
"I'm still for the Threefoot project," said Smith. "I'd still like to see HRI come back and do the building. But I'm going to wait and see what are the mayor's plans and whatever she decides, we'll try to go with it."
Barry says her office is now exploring options for the Threefoot Building.