The landmark Quaker Fabrics headquarters in Fall River has been sold to a trio of city businessmen who hope to turn the building into luxury apartments and retail space for shops and restaurants.

The businessmen, led by Anthony Cordeiro, purchased the five-story building and tower for $1.5 million at auction on Tuesday.

Cordeiro tells The Herald News of Fall River that he and his partners had expected to pay quite a bit more for the 235,000-square-foot building overlooking the Taunton River. He said they plan to invest up to $15 million in the facility over the next three years.

Mayor Will Flanagan welcomed the purchase, saying it has the potential to "breathe life into our waterfront."

Upholstery maker Quaker Fabric was once the city’s largest employer before declaring bankruptcy in 2007.