NIAGARA FALLS, N.Y. -- In its heyday, the Hotel Niagara was known for its luxurious decor and celebrity clientele.

"Marilyn Monroe, John F. Kennedy, Joe DiMaggio, Hotel Niagara," Gov. Andrew Cuomo, D-NY, said.

Like the natural wonder at its feet, the destination was a symbol of Niagara Falls grandeur, but in this century, it's become a different kind of symbol, falling into disrepair like much of the city around it.

"Why is it coming back to life now? Why is it a phoenix rising from the ashes? Because Niagara Falls is a phoenix rising from the ashes," Cuomo said.

Tuesday, the governor announced the state has selected a developer to take on the $42 million renovation of the landmark building.

"Ed is a great builder," he said. "He's a great developer, he's a great businessman, but he's an artist. And you have to be an artist to do this because the joy comes in the historic restoration."

Syracuse-based Brine Wells development is buying the building from the state for a dollar. Founder Ed Riley completed a similar project at the Hotel Syracuse last year.

"The plaster will be repaired," Riley said. "There will be decorative painting. The surfaces that are currently there like the terrazzo floors will be repaired and re-polished."

In all, it will likely cost New York taxpayers around $8 million. Empire State Development acquired the building for about $4.5 million last year and Riley hopes to obtain another $3.5 million in aid, much of it in historic tax credits.

"We tend to do our research and homework. I have a great team of both consultants and people that work on this project that we've already submitted their qualifications, so we hope to get through that process quickly," he said.

Riley said he's confident his firm can succeed in restoring a building that's been closed for a decade.

"We're not a big development firm," he said. "We're more of a boutique development firm. This is the kind of project we like to sink our teeth into and put the attention to detail."

Cuomo said the structure will once again serve as a symbol for the region.

"Our goal is not to bring Niagara Falls back to what it was," he said. "Our goal is to make Niagara Falls better and stronger and more beautiful than it ever has been."

Brine Wells Development hopes to break ground around the beginning of next year and have the hotel ready for business by early-2019.