MINNEAPOLIS - Developers have unveiled long-awaited plans for the redevelopment of the historic Dayton's Building in downtown Minneapolis.

601w Companies, and its partners at United Properties, The Telos Group, LLC, shared renderings of the planned work on Monday, dubbed The Dayton's Project, located on the corner of Nicollet and 7th Avenue.

The re-envisioned 12-story, 1.2-million square foot building will feature retail space and restaurants on the first and second floors and a food market on the lower level. Floors three through 11 will feature office space with a rooftop park, gym and library.

“This project reflects the historical significance of the building while adding a respectful but progressive design to create dynamic and relevant environments for today’s workforce and the downtown Minneapolis community,” said Steve Bieringer, senior design manager at Gensler Minneapolis, the project architect.

The Dayton's Project Level 1

"We are seeing strong interest in the project from potential tenants for both office and retail, and expect to reach an agreement with a signature food hall tenant that we believe will be a great addition to downtown Minneapolis,” said Bill Katter, president and chief investment officer of United Properties.

The Dayton's Project Level 7 Terrace

The Telos Group says about 80 construction workers are on site beginning demolition and abatement work. Gardner Builder is the project's general contractor. Hightower is the project manager.

The project will create an estimated 400 construction jobs, according to Telos.

“It’s a rare find in our business to discover such a historically significant building in a such a prized location. We fully understand its historical and cultural significance to the City of Minneapolis and the generations of Minnesotans who have experienced great memories here,” said Brian Whiting, President of The Telos Group, LLC.

The building was a shopping destination for decades, most recently with Macy's, up until its closing last March.