Killam Properties is planning to build a multi-residential property near a downtown Halifax heritage complex it recently acquired.

Along with the $22.3 million purchase of Brewery Market and Keith Hall, Killam bought a 50 per cent interest in 47, 650 square feet of adjacent, vacant land near the waterfront for $5.2 million.

Plans are to transform the site into a 240-unit building to be named The Alexander, with land capacity for an additional 40 units.

“Once the apartment building is completed, our tenants will enjoy the benefit of a mixed-use property with dining, entertainment, and office space all contained in one complex with incredible ocean views,” said Philip Fraser, president and chief executive officer of Killam.

The modernized complex dates back to the early 1800s and includes 158,000 square feet of office and retail space that is 95 per cent occupied. Halkirk Properties Limited was the vendor.

“This unique, historic property and development site is one of the best mixed-use locations in Atlantic Canada,” Fraser added. “We now own a landmark office and retail complex at a very attractive yield, and have partnered with the previous owner to build a new apartment building on a 50/50 basis.”