Starting this week, earthlings and other species with the right credit rating will start moving into that UFO-like condo that hovers next to the Disraeli Freeway.

The unusual circular structure known as 62M Condos sits on 12-metre concrete columns at the corner of Waterfront Drive and MacDonald Avenue, giving occupants an out-of-this-world view of downtown, the North End and the Disraeli.

The pie-shaped units are about 630 square feet in size, and sell for between $210,000 and $240,000.

Unheated, open-air inner corridors provide access to all the units, meaning lower condo fees for tenants.

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"On a day like this, I guess we're taking the brunt of it. In summer it's gorgeous," said Penner. "You can see the sky."

So far half of the building's 40 available units have sold, and another 10 have been leased.

Mark Penner, the humanoid owner of Green Seed Development Corporation, one of the partner companies involved in the project, has ideas about how to make the small units work. He suggests owners install Murphy beds that can be stowed away when guests arrive.

"You'd still have a massive living room," he said.

There are 40 units on the two main floors as well as a penthouse that looks perfect for an intergalactic crime lord, which happens to be owned by the building's architect, Sasa Radulovic.

But will extraterrestrials take the bait and move into the Disraeli mothership?

"I've met a few of the owners and very few of them seem to be from another planet, so I guess that will remain to be seen," said Penner.