The project, dubbed the Mercantile Exchange, also includes 525,000 sf of new and redeveloped office space, another 101 condos and 125,000 sf of retail, and 1,200 new parking spaces. The development is bounded by Seventh St., Convention Plaza, Broadway St. and Olive St.

The retail portion will be added to the 300,000-sf Macy's, a property formerly known as the Railway Exchange Building. General Growth Properties, based in Chicago, will handle the retail leasing for the project. The venture plans to contain new stores that include apparel and furniture, restaurants, entertainment, public art and music venues, according to a statement.

The 25-story St. Louis Centre building, which includes the former TWA home, the One City Centre office tower, will be redeveloped and renamed the Concord. The development will also include the vacant Mercantile Library building at Sixth and Locust streets. The joint venture is reportedly receiving about $115 million in tax incentives for the project.