A prominent developer who owns real estate in Florida and New Brunswick says he has switched his focus to Halifax now that the city has clear planning rules and many aging baby boomers are downsizing.

Jim Spatz is the president of Southwest Properties, which owns Bishops Landing on the Halifax waterfront.

Southwest Properties is in the process of building four high-rise residential buildings, made up mostly of apartment rentals in Halifax, with a combined construction value of more than $1 billion. Spatz doesn't expect to have problems finding people who want to live downtown.

Spatz said part of his confidence in spending $1 billion on new developments in the city comes from projections that show new housing will be needed for people coming to work for IBM and Irving Shipbuilding, especially when construction of the first ship begins in September.

"I think there is a build it and they will come thing going on in Halifax. I mean, we are hanging our hat on it," he said.

Spatz is just one of the many developers behind the recent construction boom in the city. The Urban Developers Conference Board expects Halifax to be one of the fastest growing cities in Canada this year.

"There is a buzz in Halifax today and its got many factors. I think there is significant leadership, you know, of Halifax that we didn't see for a period time," said Spatz.