EDMONTON -- A former power station on 124 Street in Edmonton will soon have a new life as a unique commercial space.

The Street Railway Substation No. 600 is a heritage building that was built in 1938. Early next year, it will be home to a microbrewery, a high-end consignment shop and more.

"I think it's important to preserve and reposition these older buildings so they can survive the next 50 or 100 years," Chris Dulaba of Beljan Development told CTV News Edmonton.

In the coming months, the substation will be restored and connected to a second building to the south, which will also be renovated. A new 3-storey addition will be complete in 2021.

“We really like the 124 Street community it’s such a walkable, great up-and-coming neighbourhood we decided this would be the perfect spot for us,” said Nathan Marculis of Irrational Brewing Company.

This is the latest in a string of historical building renovations for Beljan. Previous projects include the Oliver exchange, Crawford Block and the Strathcona Hotel.

The building will not have any parking available for the public, a feature this new development shares with some of Beljan’s previous projects.

The development will also have a large outdoor common area, making the most of the pedestrian traffic along 124 Street.

"It attracts niche and boutique-type businesses to these kinds of spaces," Dulaba said.

Retail spaces are available for lease through Omada Commercial, some are expected to be open along 124 Street by early 2021.

With files from CTV News Edmonton's David Ewasuk