The Italian fashion house of Versace and investment firm of Africa Israel have announced plans to design 55 residential apartments, common areas, a spa and an exclusive club in New York City’s landmark building known as The Clock Tower at 5 Madison Avenue.

Constructed by MetLife as its headquarters in 1909, the building was the world’s tallest until 1913, when it was surpassed by the Woolworth Building in lower Manhattan. Architect Napoleon LeBrun fashioned The Clock Tower after the Campanila di San Marco in Venice.

Located in the heart of New York City’s booming Madison Square Park district, the property is considered as the visual centerpiece of Midtown South.

Africa Israel intends to develop The Clock Tower into a luxurious residential condominium with an exclusive club and spa, all bearing the distinctive style of Versace.