By Mike Dunn

PHILADELPHIA (CBS) — With a new Family Court under construction in Philadelphia, a developer has grand plans for the old court building on Logan Circle:  it will be renovated into a luxury hotel.

The nearly 75-year-old court building at 18th and Vine Streets is get a new lease on life.   Developer Don Peebles says the structure will be converted into a Kimpton Hotel.

“We see this as a tremendous opportunity to be given custody of this landmark building, and turn it into an economic engine,” Peebles said today.

Peebles said he will purchase the building from the city for $4.5 million and will spend another $85 million renovating it.

The hotel will feature nearly 200 rooms, a massive ballroom, a spa, and a restaurant.

Completion is expected in 2017.

The new Family Court building is under construction at 15th and Arch Streets (see related story).  The Kimpton announcement comes a week after the Mormon Church announced plans for a large apartment building on the 1600 block of Vine Street (see related story).   In between the two, a new Mormon Temple is already under construction.