Develop 1 residential and 1 commercial in the same building?

[Karl Wertz]

I'm currently pulling research together on a currently commercial building about 7,000SF 3 floors. While trying to find the highest and best use I've thought of apartments, office, townhouse, condos, retail/office, condos/retail. I feel the best use would be to develop the top two floors into one unit and sell it off as either a townhouse or condo and have the first floor as retail. My question is, is this possible to do? Who is would own the building? Or would there be a different way to set this up? Thanks!