The long-vacant First Avenue Hotel will be converted into 106 apartment units by Zocalo Community Development. The historic building at 101 Broadway will be renovated and an addition will be built on the West 1st Avenue side of the structure. The hotel was built in 1906 and has been vacant since 2008. The apartments will be in the micro category, averaging about 350 square feet and leasing for approximately $850 to $900 per month. Pending approval of low income housing tax credits, construction could begin on the $32 million project in October.