Tracy Keeley has taken over the former Carousel Restaurant, a famous establishment with a sweeping view of Canberra.

Work has begun to prepare the dodecagon mid-century building, which was sold in 2021 for $2.25 million, for reopening in late 2024.

The venue is being refurbished by Sydney architecture firm ACME.

It will be home to two new restaurants, Lunetta and Lunetta Trattoria.

Peter and Lidia Vidovic built the 12-sided restaurant in 1963. It was designed by architect Miles Jalk.

The opening was described in a small article in The Canberra Times on December 6, 1963.

"The Minister for the Navy, Senator Gorton, last night opened one of Canberra's most unusual buildings - the Carousel Restaurant on Red Hill," the article said.

"The building is a two storey dodecagon which overlooks Canberra. About 70 people attended a reception to celebrate the opening.

"Senator Gorton said the opening of the building was an illustration of the way in which people from overseas were contributing to the growth of Australia."

Peter was from Croatia, and Lidia from Poland.

The article said they met in Italy 14 years prior, and this was their first business venture in Canberra.

The building was later renovated by Canberra architect Dr Enrico Taglietti in 1981. The re-opening also made the newspaper.

"A Night at the Carousel will see Peter Vidovic reopening the restaurant after an absence of seven years," The Canberra Times wrote on August 2, 1981.

"According to architect Dr Enrico Taglietti, who is supervising the redecorating, the new bay windows will be a feature in the style of the year 2001."

After Mr and Ms Vidovic died, their family sold the building for $2.25 million.

It has not been used for two and a half years.

The building has "historical and cultural significance", Ms Keeley said.

"Our vision is to transform 60 Red Hill Drive into a vibrant destination for locals and visitors alike to experience and appreciate the Canberra spirit, location and hospitality," she said.

"This is a unique opportunity to create something fresh in a location that's filled with historical and cultural significance.

"It will also provide a nod to the history of this well-known Canberra icon through carefully considered and quality, textured design details."

Ms Keeley is known for her work with hospitality venues Bookplate and Pollen.

Bookplate is a cafe at the National Library of Australia, and Pollen is at the Australian Botanical Gardens.

Ms Keeley is working with her sons Matthew and Nick Keeley.

She said Lunetta will provide "a memorable dining experience for all the right reasons".

"Good wholesome food, warm ambiance, genuine hospitality, connection, location, attention to detail, and a sense of being in at ease in a special place," she said.