The company that purchased the Ronald Reagan Federal Building and U.S. Courthouse announced on Friday that it intends to develop the property into a luxury apartment building.
The 246,000-square foot courthouse, located at 228 Walnut St., Harrisburg, was recently purchased by Global Ocean Investments for $10.01 million.
A deed filed in Dauphin County public records late last month showed that the property sold to R.R.F Building LLC, a subsidiary of Global Ocean.
The investment firm wrote in a press release on Friday that it plans to renovate the federal building to house 288 luxury residential one-, two- and three-bedroom apartments. The building would also include a penthouse only floor, two restaurants and a bar.
The project has an estimated completion date of 2024/2025 and would be marketed toward young professionals in Harrisburg, according to Global Ocean.
The Harrisburg courthouse was built in 1966 and sits across from the city’s Strawberry Square and the Pennsylvania State Capitol Complex at 228 Walnut Street. It was initially listed at a starting bid of $3 million last September.
“The ex-Federal building sits at the corner point of the Pennsylvania Capitol Complex in Harrisburg and offers spectacular views across the city. We aim to create the most desirable residential address in Harrisburg with cutting edge separate facilities you would normally see in an international five-star hotel,” said Justin Etzin, founder and CEO of Global Ocean.
Global Ocean is an international real estate development company specializing in boutique developments. The company, which has a U.S. office in Las Vegas, has projects in Europe, Africa, the U.S. and the Caribbean.
Along with its plans to develop the building, the firm has also listed the property on commercial real estate listing site LoopNet for $22 million.
Global Ocean was not immediately available for comment on the listing.