HARRISBURG, Pa. (WHTM) — The originally named Ronald Reagan Federal Building on 228 Walnut St. is being auctioned off from Nov. 15 to Nov. 17, with a starting bid of $4 million.
According to Ten – X Commercial Real Estate’s website, the 56-year-old property is a little over 250,000 square feet and is capable of being renovated to hold up to 200 rentable apartments. The bottom floor lobby also has opportunities for possible restaurant or retail shops, as well as 55, below-grade parking spaces below the lobby.
This same property was purchased last year by Global Ocean Investments Founder and CEO, Justin Etzin, in Dec. 2021 for about $10 million with the intention of creating luxury apartment units throughout the 11-story building.
It should also be noted that a 20% tax credit was approved for the previous owner of the federal building, and according to Ten-X’s website, these credits would be granted based on the total redevelopment costs of the property.
Redevelopment costs will include:
- Soft costs (Designs, fees, insurance, etc.)
- Architectural fees
- Legal fees
- Developer fees