Building of former Ketchikan Gateway Borough offices sold

KETCHIKAN - The Reid Building, the former offices of the Ketchikan Gateway Borough, has sold for $350,000.

The Ketchikan Borough Assembly on Monday unanimously voted to sell the building to Coastal Alaska Properties for $350,000. Coastal Alaska Properties consists of a group of local investors who plan to remodel the building, then develop it.

The borough's asking price was $420,000. However, no offers were received since the borough vacated the building and moved its office to the White Cliff building.

Subtracting closing costs and commissions, the borough is expected to receive $336,200 from the sale.