Redevelopment of the retail and office property is being spearheaded by a partnership involving Struever Bros. Eccles & Rouse, Manekin Corp., Hawkins Development Group and Williams Jackson Ewing. Upgrades will include the addition of 20,000 sf of office space, 32,000 of retail space, 12,000 sf for restaurant usage and the renovation of 9,600 sf of market space.

Already, Loyola College has signed on for 10,000 feet of office space to be used for speech and hearing therapy services. Some new tenants will be able to occupy space as early as this coming fall.

"The new Belvedere Square is a project inspired by potential," O'Malley said of the project. "It is the anchor we need as we begin to build out from our strengths along the York Road Corridor."