A new $30 million development is planned for the Southside at King Street and South Market.
Nick Wilkinson, city deputy director for economic development, said it will include a hotel, condos, offices, retail and possibly a restaurant. It could also include some light industry.
A storage building and a parking lot are now at the site.
He said the developers plan to reuse the large storage building for condos and offices.
A 300-vehicle parking deck will be constructed on property now owned by the city.
Mr. Wilkinson said city officials have been in talks with the developers about use of the city lot, which is being declared surplus property.
The city would get use of 75 spaces in the new parking deck.
Mr. Wilkinson said the developers will be spending $20,000 per parking space.
Some city employees now park at the site.