Apartments are coming to the old Penthouse Furniture building in Winnipeg's Exchange District.

A deal was inked out last week between Taurean Global Properties, based out of Canmore, Alta, and the building's owner.

'Instead of dividing them up into one bedroom or two bedrooms, we're just going to leave them as big, huge studios and then when people move in, [there will be] some form of movable walls … that people can configure however they want.'—Doug Thiessen

The former furniture company went out of business earlier this year and Taurean president Doug Thiessen plans to create 60 to 70 loft-style apartments, each about 800 square feet.

For $750 a month, someone will be able to live like a millionaire artist living in TriBeCa, New York, he said.

TriBeCa, a neighbourhood in lower Manhattan, was once an industrial district dominated by warehouses, but has undergone a major revitalization. Warehouses have been converted into loft apartments and new businesses have emerged, making the area a trendy mixed-zoning neighbourhood.

"Instead of dividing them up into one bedroom or two bedrooms, we're just going to leave them as big, huge studios and then when people move in, [there will be] some form of movable walls or that kind of thing that people can configure however they want," Thiessen said about his plans for the Penthouse property in the historic Exchange District.

"I'm sure a lot of people would just like to leave it open. I know if it was me, I would just leave it open."

He decided to create apartments instead of condominiums because there are many condo projects in the city but a very low vacancy rate for rental units.

"There hasn't been a whole lot of rental property building for a long time, I think because of rent controls and different factors. Yet [Winnipeg has] an insanely low vacancy rate and it's gotten to the point now where it's actually worth it to build," he said.

The sale was finalized last week but it could be up to two years before the building is renovated and ready to rent.