The building, which fronts Berry Street, Emporium Lane and Stewart Place has undergone massive changes.

And you can play a role in that redevelopment.

Maurice Bertapelle, from Iconic Property Holdings, part of the Iconic Group which is behind the redevelopment, wants to establish a time capsule in the building before it is complete.

The South Coast Register undertook a tour of the historic building and can give you a sneak preview.

Mr Bertapelle, who remains as enthusiastic, if not more if that's possible, from the first day he purchased the property, describes the makeover simply.

"The former residence upstairs is a nod to the building's past with all the heritage type aspects, the groundfloor is ultra-modern and the lower level more Art Deco, arty, warehouse design and feel," he said.

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Anyone who has driven past recently would have noticed the stunning new outside colour scheme.

An enormous amount of work has been undertaken, especially on the Emporium Lane area where massive windows have been installed on both the lower and upper levels of the building which has also been complimented by facelift at the rear.

Fronting Berry Street has received a "spruce up" and a stunning new paint job, befitting the building's long history.

Inside the site is a hive of activity with Mr Betapelle saying he's hoping the property will be officially reopened in April or May.

"It's all going really well," he said.

"Work on the outside of the building is almost complete - we just have a couple of small rendering jobs and a bit of painting but it's pretty much complete."

Inside is all go, as at times up to 50 workers are undertaking different parts of the project, from plastering, electrical work, air conditioning, plumbing and even tiling.

Already the major entry into the building off Berry Street has been finished, complete with massive ceiling heights.

"We're really happy with how that has turned out," he said.

"We will be installing our little coffee shop area [of which they are looking for someone to run] next week.

"I will certainly look forward to sitting there and enjoying a coffee when it's all complete!

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"The electricals and light system in there will allow for an amazing show, which at different times can transform the colours of the entry."

Of course, the beautiful,historic stairway remains a feature of the entry.

On that level, office space at the rear of the building has been made, while the former Sparties area also converted into an individual office space.

Upstairs, the original residence has also received a major makeover.

"We tried to keep all the heritage style aspects of this part of the property," he said.

"We have kept a lot of the former architraves where we could and have had others made, along with massive skirting boards carrying the same original design that were in place. The floors are going to be sanded, and the doors, which were a bit of a mismatch will all be replaced by one standard type of design which is in keeping with the time period.

"It's all looking really good. We've changed the size of a couple of the rooms - it's sensational.

"We've also been able to keep other historical aspects, like the coloured glass windows above the doors."

In the lower level, office spaces are also being developed.

"We've had a lot of interest already in the property," Mr Bertapelle said.

"We've had a lot of people wanting to come through and look at the spaces available - and we will be flexible if businesses want large office spaces or smaller areas, we will work towards that.

"I'm hoping to take some potential tenants through in coming weeks."

Another feature of the both levels, but in particular the lower level will be a number of virtual windows, which will depict many stunning scenes from around the Shoalhaven.

"The more we get into this building the more I love it," he said.

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"It's a big job and continues to be, but it is not hard to fall in love with this building.

"Sure there are challenges and the building throws more up every day, but being on site and on the tools we are able to combat those.

"We didn't expect as much demolition as we have had to undertake.

"There is a lot of architectural decisions we are making, especially internally

"And it's apparent by the number of people who stop us as they are passing by and want to talk about the building, they are loving it too.

"They are interested in what is happening and what it's going to look like.

"Everything we have done is to bring the building into the 21st century, from the office designs to the especially designed air conditioning, the massive amount of solar panels to supplement power supplies, two lifts, bathrooms including showers, through to the environmentally friendly paints and flooring being used."

He says he loves Nowra and sees big potential for the city as a whole.

"I really enjoy Nowra and its people, who have been so welcoming and friendly," he said.

"There is really untapped potential here.

"I can see great things for Nowra - it really has unlimited potential.

"It could quite easily establish itself as a real conference hosting area. And with the outlying villages the potential is fantastic."

One major project Mr Bertapelle would like to see is a time capsule being established in the building before it is complete.

"We have the perfect place for a time capsule under the historic staircase," he said.

"There is plenty of room to put plenty of items in there - some historical, some from the present and maybe even some visions for the future.

"I'd like to see the whole community involved and come up with ideas on what they would like to see there - perhaps the local councillors, members of parliament, the indigenous community, the historical society, local school children and community could all come up with ideas.

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"I just think it would be something really cool for the city and for the building."

Already under the stairs there are the signatures of a number of former employees who worked at the building when it closed as Grace Bros, with Mr Bertapelle saying the time capsule could add to that already rich history.

"It would be great in 50 years or so to have a young kid who put things in there to be around when it is opened," he said.