Another piece of waterfront property in Halifax is slated for development.

Southwest Properties and the Nova Scotia government have finalized an agreement for a 16-storey apartment building in the south end of Halifax.

“It’s been one of our great dreams to have as many people as possible living on the peninsula, because people living on the peninsula provide the anchor to do all kinds of other things,” says Nova Scotia Culture and Heritage Minister Leonard Preyra.

Developer Jim Spatz and his partner Peter Carver of Minett Real Estate say there will be 250 residential units, plus retail outlets and public spaces, when the doors to the complex open in 2016.

The developers have a 99-year lease on the property, which is owned by the Waterfront Development Corporation.

“The revenue that is generated will be used by Waterfront Development to do these public spaces and maintain them in a manner that doesn’t draw down taxes from the province,” says Colin MacLean, President of the Halifax Waterfront Development Corporation.

Spatz says his plans are bigger than just one building.

“We at Southwest have plans to build over 800 units in the downtown over the next five years,” says Spatz.

Like many new downtown developments, the rentals will be high-end, but Spatz says affordability comes with volume.

“If, in the next five years, 2,000 or 3,000 units got built downtown, downtown would be a more affordable place to live,” he says.

The $75-million project is the biggest one in the history of the Waterfront Development Corporation. It will cover an area slightly larger than half a hectare.

Construction is scheduled to begin next year.

With files from CTV Atlantic's Rick Grant