CTV News has learned the Waterfront Development Corporation is negotiating to buy a former Canadian Coast Guard base from the Government of Canada.

The property stretches about 500 metres along the Dartmouth Waterfront, just south of the Angus L. Macdonald Bridge, to just north of the Nova Scotia Community College’s Waterfront campus.

The land is home to two finger piers, two office buildings and some storage sheds.

“The availability of land within Halifax Harbour is becoming more and more scarce, especially when it comes to this type of industrial development opportunities,” says Nova Scotia Economic Development Minister Michel Samson.

Samson says the Waterfront Development Corporation approached the province about the site.

“So we’re negotiating to see whether or not it might work out that that property might be transferred to the Waterfront Development on behalf of the province and we’re in the middle of that right now,” says Colin MacLean, president of the Waterfront Development Corporation.

If negotiations are successful, the Nova Scotia government and Waterfront Development Corporation would like to use the property to service the offshore and emerging ocean technology industries.

“The science that goes on the world and some of the technology companies or some of the device testing that’s going on, they need access to water and boats as well,” says MacLean.

Shell and BP are each spending $1 billion on offshore exploration and at least one, if not both, will need a shore base.

MacLean also points to the need for a test site for some equipment related to the shipbuilding program.

“So we really see this as an asset we would like to ensure remains in the hands of government,” says Samson.

There is no indication as to what sort of price tag is attached to the property.

With files from CTV Atlantic's Rick Grant