The Omni Community Redevelopment Agency has agreed to purchase the Citizens Bank Building in the Arts & Entertainment District located at 1367 North Miami Ave, according to The Next Miami.

The purchase price for the building is $4.5 million and is being sold by Big Time Equipment Inc, who bought the property for only $215,000 in 1998.

The 14,820 square foot building was built in 1925 by architect H. George Fink in a neoclassical façade with corinthian columns and used as a Citizens Bank. The building received historic designation in 1988.

In recent years, the building has sat empty, but the area was used in the Summer of 2011 as a set based on the Sunset Strip in Los Angeles for the movie "Rock of Ages", starring Tom Cruise.