The redevelopment will include restaurants, hotels, medical and office spaces, residential, and retail.
The property is 51 acres and has an approved plan to be more than 10 stories tall.
President and CEO, Don Bourn, says the area needs to be more urban as opposed to a mall feel - as malls continue to struggle across the United States. "Great communities have great places to go, eat, socialize. And entertainment is what the world today wants to see more of including pedestrian-oriented projects where you walk and look at things."
Bourn says, Tucson is behind when it comes to properties like the one proposed as cities across the country have already seen these projects pop up.