The Montreal Canadiens have announced they will be investing in a new condominium building that will be erected next to the Bell Centre downtown Montreal.

The construction of the $175-million condominium building will begin next summer on Centennial Plaza.

The plaza currently features statues of some of the Canadiens' best players, Jean Béliveau, Maurice Richard, Guy Lafleur and Howie Morenz.

Geoff Molson, the hockey group's owner, said the statues and the commemorative bricks bought by fans in 2009 will be stored during construction and moved elsewhere once the building opens.

The building will have 534 units, seven levels of parking space, a sports bar and will stand at 48 storeys tall.

The building will hold 534 apartments, seven levels of parking space, a sports bar and will stand at 48 storeys tall. (Montreal Canadiens)

The projects promoters are real estate agencies, Canderel and Cadillac Fairview.

Cadillac Fairview is an affiliate of the Ontario teachers' pension plan. The Quebec's workers' fund, who is already a Canadiens shareholder, will also invest in the project.

According to the promoters, the units minimal asking price will be $250,000. No maximum price was announced.

"There is no doubt that there are many cranes in Montreal but many people across the country see this as the city picking up the slack. Montreal has been pretty passive in terms of condos during the last decade," said Daniel Peritz, vice president of Canderel.

"There are many buildings in construction stages or being sold, but none are like this one. This one will be unique," he added.

The Tour des Canadiens is the fifth project announced near the Bell Centre.