The A.H. Reed Building, on the corner of Jetty and Crawford Sts, is about to be converted into a dozen units which could be bought for use as apartments and office space.
Two of the units will be penthouses.
It is also possible a cafe will be established on the ground floor.
Building owner Roger Bray said there were a couple of prospective buyers, "poised with pen in hand," ready to sign a purchase and sale agreement.
He said some internal building and earthquake-strengthening work had already been done, but once the agreements were signed, the bulk of the work would begin.
"The earthquake-strengthening will continue as we go. This old girl has 5m ceilings, which means mezzanine floors are an absolute no-brainer.
"As each one of those [mezzanine floors] are put in, there will be steel framing and so on, to support that, and that will add to the earthquake strengthening."
The work on the building’s exterior would complement the recent restorations of historic buildings in the area.
There are plans to paint the building a cochineal colour.
Mr Bray hoped the first owners would be able to begin moving into the building early next year.
The Reed Building was a key to the warehouse precinct, and is so named because it was the headquarters of what is now called Reed Publishing, from 1925-40, when A.H. Reed closed the branch and retired.Before 1925 it was the Otago Education Board building.
