WORCESTER, Mass. - The city of Worcester is hoping to close a deal to acquire the historic Denholm building before the summer.

City Manager Ed Augustus asked the city council on Tuesday to approve a loan request of $6.8 million to facilitate a deal between the Worcester Redevelopment Authority and the Denholm Condo Trust.

The council unanimously supported the loan order.

The trustees have said the building’s condo owners would accept $3 million for the property, according to Augustus.

Chief Development Officer Peter Dunn said the WRA will explore private development options and get feedback from developers before deciding on whether to demolish the building, but said the Denholm might be too far gone already to save.

“What we know already based on the condition of the building and some of the initial feedback that we’ve received from the development community is we do believe that there likely might be a demolition, but we haven’t arrived at that conclusion just yet,” Dunn told Spectrum News 1 on Tuesday.

Part of the nearly $7 million loan order includes $2.5 million in case the city goes through with the demolition. 

The WRA will meet again next week.