A new, never opened hotel on Michigan Avenue that has sat vacant for months for lack of financing could soon get thrown a lifeline.

The property, just west of Telegraph on Michigan Avenue adjacent to Toys R Us,  is currently in the hands of a bank. The bank took possession of the property when the original developer simply ran out of money and couldn’t finish the project.

Now a second developer is in talks with the bank to purchase the property at a “bargain” price. The deal could close as soon as this month, a person familiar with the ongoing negotiations tells Deepsaidwhat.com.

The out-state potential buyer intends to open the building as a hotel. But it isn’t clear whether the hotel would open as a Holiday Inn Express, as was originally intended, or fly the flag of a different chain.

We’re hopeful a deal will be finalized soon.