Construction on a hotel and apartment project is well underway at the former site of the Notre Dame Convent on Sydney Street in Charlottetown.

The Sisters of Notre Dame sold the historic building almost two years ago.

It is expected to open as a smaller luxury inn in about four months with the apartments slated to open in the fall.

"The building is going to be the future home to a five-star, 18-room boutique inn, and then the main building is going to become the future home for 22 apartments," said Gordon MacPherson, the project manager. "I think it's going to be a great landmark for the city."

The historic property dates back 146 years, and was a school for Catholic girls until 1971.

The project manager estimates about $8 million has been invested.

The owners of the hotel/apartment project include Jason Aspin, his wife Chun Ying-Li, as well as two other Chinese investors who now live in P.E.I.