A London-area developer and property manager is the new owner of the Waterloo Inn.

Drewlo Holdings announced Monday that it had completed the purchase of the 19-acre property along King Street North last week.

The company plans to build a “high-rise residential development” on the site, while maintaining some of the land for commercial uses.

“At this time, we are assessing all possible opportunities to best utilize the facilities,” company controller Jerry Drennan said in an email to CTV News.

Drewlo currently manages about a dozen apartment buildings in Kitchener.

About 120 people were employed by the Waterloo Inn under its previous ownership, which cited economic factors in its decision to sell the property.