Broccolini Construction Inc. is looking to develop the tallest residential tower in Montreal with an investment of up to C$300 million, Bloomberg News reported.

The company plans to construct a 56-story mixed-use tower by converting 600,000 square feet of downtown city space, Roger Plamondon, president of real estate development and acquisitions at Broccolini, told the news outlet. The building will offer 400 condominium units and eight stories will be earmarked for office and retail space.

The building will trump the 50-story L/Avenue mixed-use building, also developed by Broccolini, to be the city's tallest residential tower, according to the March 28 report. It will be located near the new headquarters of National Bank of Canada which will be ready for occupancy in 2022.

The asset, to be marketed in the fall, is expected to be delivered at the beginning of 2023.