An almost 130-year-old building designed by one of the most important architects in Toronto history could be transformed into the base of a new student housing tower.

Alignvest Student Housing Inc. announced on Monday that it had acquired The Stewart Building at 149 College Street, entering into a partnership with Northwest Value Partners Inc. through Canadian Student Living Group Limited Partnership that would see a new development tower above the six-storey relic.

Monday's announcement includes news of the intention to "rezone and develop the property into a mixed-used, high-rise property that will include student housing," capitalizing on the site's position on the south edge of the U of T campus, and proximity to both the Mars Discovery District and Hospital Row.

Originally constructed for the Toronto Athletic Club in 1894, the building features a design from legendary Toronto architect E. J. Lennox — the same visionary behind local landmarks like Casa Loma, Old City Hall, the King Edward Hotel, and various others — in his signature Richardsonian Romanesque style.

The Stewart Building later served as the home of Central Technical School, a Toronto Police department, and eventually a series of educational institutions, including the Ontario College of Art and Design, the Collège des Grands-Lacs, and, most recently, the University of Toronto.

The building's age, design by a prolific architect, and its rich history were all factors in securing its heritage protections, ensuring that the six-storey structure lives on within whatever redevelopment occurs.

No application has been filed for the forthcoming redevelopment, though Sanjil Shah, Managing Partner of Alignvest, offered some insight on the future of the current building.

Shah tells blogTO that Alignvest is "working with heritage consultants to look at the alternatives, but the intention is to preserve."

Plans are still in their earliest stages, though it can be expected, based on nearby proposals, that something tall is in the works for the 0.62-acre site.

In a prepared statement, Shah calls the upcoming project "an exceptional opportunity to build much-needed facilities in the heart of the Mars Discovery District for institutional, commercial and residential uses, including housing for students attending the University of Toronto."