KITCHENER -- The former site of Electrohome has a new owner.

Toronto-based real estate company Shannondale Developments announced Thursday that it had purchased the site.

The sale price has not been disclosed.

The building on Shanley Street had fallen into disrepair after decades without a tenant. Earlier this year, bricks began falling onto the street below, prompting safety concerns from the neighbourhood.

That led to the City of Kitchener gaining access to the building, where staff found "extensive water damage that has affected the building's structural integrity," Chief Building Official Mike Seiling told CTV at the time.

The city then issued a remedy unsafe building order. Fencing went up around the building weeks later.

Now, the site is expected to become a mid-rise, mixed-use building.

"The entire development project is expected to take approximately five years to complete," a press release from Shannondale reads in part.

They're hoping to begin demolition of the deteriorating structure early next year.

The company says it will consult with the community around the building as it continues to work on the site.