Glide Economic Development Corp. purchased a plot of land near the corner of Mason and Ellis streets and demolished a building that once housed the Chez Paree strip club and its notorious neon-and-flesh-colored leg sign.

The $200 million renovation would encompass one city block. If everything goes as planned, the development will include 400 units of affordable and market-rate housing, a 100,000-sf pavilion for conferences, rental space for nonprofit groups and retail shops, and a 550-car underground parking garage. Glide representatives say that the renovation would clean up the neighborhood while providing lasting benefits for residents.

Glide Corp. is using donations and a $7 million grant from the San Francisco Convention Facilities Department to start the project but a majority of the funding is still expected to come from Proposition B, a $250 million housing bond that will appear before voters on the November ballot.