Floral Park signed a $1.2 million contract with a real estate developer to create apartment units at the historic, and deteriorating, Centennial Hall site on Tuesday.

The Hewlett-based The Friedman Group will create 16 to 18 apartment units in the former Masonic temple located at the triangular intersection of Tulip Avenue and Carnation Avenue, Mayor Dominick Longobardi said in an interview following Tuesday’s board meeting.

The village is not releasing details on the project at this time, but will put them online when made publicly available.

The signed contract includes a 30-year deed restriction that limits the building for any use other than residential purposes.

The outdoor structure of the building, including its Greek Revival style columns, will be kept, Longobardi said.

“The building will maintain that majesty as you come into the village,” Longobardi said.

The developers also plan to create a park area for residents in the front triangle of the lot, Longobardi said.

The apartments will be a “beautiful place” for people starting out, or for people who have been in the community a long time and want to downsize, Longobardi said.

The revenue from the sale will go into the general fund, but the village has not decided on a particular use for it yet, Longobardi said.

The deal also allows the village to start collecting property taxes on the building.

The village bought the building, now more than 92-years-old, in 2005 for $1.5 million with a $2 million bond.

Now empty and unused, the building at one time was home to village functions and the Floral Park Historical Society.

The sale follows discussions over the future of the historic lot that has spanned more than three years.

Last May, the village stated there were four plans submitted to redevelop the building, but did not reveal the names of the firms or how much they would pay for the property.

Two plans called to create apartments or condominiums, one planned to create offices and one to create apartments above a medical office.