81 apartments, some with nice views of Downtown Fresno, have now been created.
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They're expected to be available for low-income families by the end of February.
"It addresses the housing crisis that we've been for a few years now, where record rent increases. This is an affordable project," explained Fresno City Councilmember Miguel Arias.
"The rooms will go from rents between mid-$500 to about $1200, depending on the square footage."
The building has sat vacant for almost four decades and the transformation took place over the past four years.
Darius McGee is construction manager for the project
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"We always thought the building was structurally sound and it was a good building and it was a historic building so we thought it was something worth restoring," McGee said.
APEC International of Los Angeles invested $38 million dollars into the project with the city of Fresno adding two million more.
"It also demonstrates to the city and the Central Valley at large that we can actually preserve historical buildings, re-purpose them and have them activated again as living space," Arias said.
The top five floors will be used for housing, while the bottom two will be set aside for retail. Four spaces will be available.
"Light commercial retail, possibly sandwich shops," McGee said.
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Because the building is listed on the National Register of Historic Places, special care is being taken with existing art and architecture.
Crews are blending the old with the new.
"They're going to be amazed when they walk into the Hotel Fresno, the original tile flooring is still here," said Arias.
APEC is considering building another housing complex next door.