Sandusky Main Street Association has first right of refusal for the building at 109 E. Water St., an abandoned structure wedged alongside Water Street Bar and Grille.
In all, the association spent about $34,000 to help fund a building analysis, perform minor construction and preliminary design work.
"We have the first right to buy the building from the owners. If it's deemed feasible, we'll move forward with it," association executive director John Lippus said. "It would be a complete building restoration."
For more on this potential renovation project and its costs, pick up a copy of Friday's Register.