The new owner of The Colony Apartment complex wants to turn the property into housing for people ages 55 and up, complete with amenities.

Elul LLC plans to "make it a wonderful, European, senior residence for 55 and up," said Sharon Cohen, account manager with the company in Hallandale, Florida.

"The look is going to change," Cohen said. A golf course, greenery, amenities and renovated town homes are in the works, she said, but there are no details just yet on things such as number of housing units or price ("It's going to be affordable," Cohen said.)

She also said there will be security, both during the renovations and when the work is complete. "I know how important it is to have a secure place, and that it's being watched," she said. "It's going to be a very safe place."

Tell us: What do you think of Elul's vision for The Colony? Tell us in the comments section below.

The site is undergoing engineering work and renovations are expected to begin before year's end.

When told of Elul's plans, Jan Dunaway, longtime local resident and member of the community group Pride Rings in Stone Mountain (PRISM) said, "It's a wait and see. I would not have an issue if it really is good senior housing."

"It's time to move forward in getting that cleaned up finally," she said.

The Colony was shuttered in August 2011. It had been a crime scene, and since its closing, a number of fires have taken place there. The crime, dilapidated units, blazes and easy accessibility from the street had been a concern of nearby residents for years.

There is now a fence surrounding the property as Elul does its work.

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