The former site of Filene's will finally be developed in the Downtown Crossing area of Boston, according to the Boston Globe.
The developer Millenium Partners will take control of the commercial real estate property, and plans to build a tower in the vacant building's place. In the new structure will be offices, retail outlets and many residences, according to the news source.
Millenium Partners will be a co-investor of the project, aiding in the construction with commercial real estate company, Vornado Realty Trust. Vornado ceased development of the property in 2008, as it was unable to receive a loan to complete construction at the site. This added to tense relations between the company and the city's government.
"The downtown is going to be transformed as this and other buildings open in the area," a city official told the news source.
Terms of the deal were not revealed, but it would also help push forward an overall revitalization project in the area that was stalled by the lack of construction on the property, the news source reported.