CHILLICOTHE, Ohio (WTVN) -- A southern Ohio landmark is getting a new lease on life. Adena Health System has signed a 15-year deal to occupy the Carlisle Building in downtown Chillicothe.

The building was severely damaged by an arson fire in 2003. It has sat in virtually the same condition ever since.

"This will change the course of downtown Chillicothe. It will be the big bright light. Everyone will rally around this and whatever happens after this will be just a function of how the citizenry will view just how well we did the Carlisle," said Michael Chesler, CEO of The Chesler Group which owns the building.

Once renovations by Cleveland-based historic development firm are complete in late 2015, Adena will occupy 100 percent of the building. The first floor will be used for community-focused business operations and the upper floors as housing for physician residents and medical students. It's a $7 million project.

“With the solid support of the Adena Board of Trustees, we have taken on this project as a way to meet the housing needs of the young doctors we are bringing to Chillicothe for training; and to give back to the community that supports us by helping to spur economic growth in our downtown,” said Adena President and CEO Mark Shuter. “Adena is proud to be able to make this commitment to Chillicothe, our longtime hometown.”

The Carlisle Building was built in 1885, and is located right in the middle of downtown. 

Work is set to begin this spring. The project is being finances with both public and private money.