Only ABC Action News was invited to see the construction happening inside the old Floridan Hotel

TAMPA - A historic hotel in Tampa, built in the 1920's has gone through a lot, and at one point, was even condemned.

However, a man who bought the Floridan Hotel in 2005 vows to make it the palace it once was.

"The Floridan Hotel when it opened in 1927, was the hotel for Tampa," Rodney Kite-Powell, with the Tampa Bay History Center said.

In 1927, the 19 story building was the tallest in the state.

"Clark Gable stayed there, of course Elvis Presley stayed there," Kite-Powell said. "It really was the place to be as far as luxury hotels in the area."

Kite-Powell pulled out some old photos of the place that sits along Florida Avenue.

The dining area was divine, the postcards made you want to visit, a cigar box made you want to stay, and the toiletry kit tops any today.

However, things changed, and people moved to the suburbs.

"As late as the 60's it was still a viable hotel, but by the late 60's and 70's with the continued decline with Downtown Tampa, the Floridan declined right along with it," Kite-Powell said.

The hotel was sold and sold again, and basically became a dorm.

"Bug infestations were apparently just rampant," Kite-Powell said.

Despite the bugs, a few that purchased the old palace said they would make it great again, however, it never happened.

In 2005, a new owner came along with the help of Lisa Shasteen.

"He was looking for something to do, so I suggested we go driving around in Tampa and, here we are," Shasteen said.

Tony Markopoulos is the mystery man that paid 6 million dollars for the building.

"The hotel was in complete disarray," Shasteen said. "It had bird feces, rats, roaches."

Markopoulos is a shy guy, so he had Shasteen show ABC Action News around.

When the hotel opens it will have 195 rooms, 15 suites, and three penthouses.

Like Markopoulos, not a lot is known about the opening date.

"We're really trying to push toward an opening date which we don't have yet," Shasteen said.

Although the owner does not want us to show you everything we saw, he let us get footage of the railings, the detailed painting that is being done, the many chandeliers, and the tile that is down.

"It has to be done right and one of the things that has to occur, is a lot of things have to be made by hand," Shasteen said.

A lot of the hand carved wood is in place and we got a sneak peek at the famous Sapphire Room.

"Not only was it a great place to stay, but there are some great stories about the bar," Kite-Powell said. "The Sapphire Room was called by some of the airmen the surefire room."

Legend has it, Colonel Clarence Tinker was in the sapphire room when he learned about the attack on Pearl Harbour.

"Tinker was the first general to die in World War II," Kite-Powell said.

Looking at the old brochures of the hotel, the new owner already has some meeting spaces complete, and the ballroom is not far behind.

For those that know Tampa's history, they hope the opening date gets here soon.

"I look forward to seeing the finished product, that I think from everything I've heard, its going to be nice," Kite-Powell said.

Markopoulos says he will talk to the press on the day of the big reveal.

The hotel is also expected to create about 100-150 jobs.