The City has reached a tentative agreement to buy the Cecil Hotel and turn it into a parkade.
Earlier this year, a complaint to police prompted a review of the hotel's licence.
The area has become a notorious hotspot for crime both inside and outside of the hotel.
Last month alone, there were nearly 2-hundred calls to police to go to the Cecil Hotel.
Neighbouring business owners have said getting rid of the hotel would help eliminate problems in the area.
On Monday, the City and the Cecil Hotel reached a tentative deal.
That agreement will go to the City's Land Committee in mid-November.
The deal will then need to be approved by City Council.
If everything goes as planned, everything should be finalized by December 15th.
The Cecil Hotel's current licence expires December 31st.
