The First National Bank building (1929) was 17th Street's first "skyscraper," being the first to exceed 9 stories. Its facade was covered with cement in the 1960s to "modernize" it, and then it sat vacant in the 1980s. After a full restoration started in 1993, it is now the elegant Magnolia Hotel. The Magnolia Hotel is located in the landmark First National Bank/American National Bank building, and is recognized as a downtown Denver historic property. The hotel opened in 1996 at a cost of $20 million, after three years of extensive renovations to the 85-year-old building. The building was meticulously restored to reflect the appearance of the original structure, including terra cotta details and the addition of a replica corner clock.