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The Sinclair owners plan to convert the 512 Main St. building into a 160-room Marriott Autograph Collection hotel.

The group that owns the Sanger Bros. building, which once housed Color Tile’s headquarters, plans facade and streetscape improvements, ground-floor retail, meeting and banquet space that connects to the hotel by skybridge, a spa, and potentially office remodeling, conversion of some empty space to house data centers, and conversion of more space for hotel services.

Under the agreement, minimum investment for the Sinclair is $32 million. Minimum investment for the Sanger renovation is $20 million.

Payments on the incentive would begin after the ownership groups complete the first and second phases, required by Dec. 31, 2017, and Dec. 31, 2018.