The property that once featured the iconic smokestack of the B&M Baked Beans manufacturing building in Portland will become a new school campus.

It was announced Monday that the property has been sold to the Institute for Digital Engineering and Life Sciences, and will become the home of the Roux Institute at Northeastern University.

The planned campus will include partner companies and housing, as well as public waterfront areas.

The smokestack, which hadn’t been used in over 20 years, was demolished in early August.

The Roux Institute says it will help B&M employees with career connections and educational opportunities. B&M says it will also offer transition support and severance for the facility’s 86 employees.