Blatteis & Schnur and Morgan Stanley Real Estate Investing have closed their $250M transaction for the Union Square Macy’s Men’s Store at 120 Stockton St. The property will be redeveloped into a mixed-use retail destination with updated architecture.

Blatteis & Schnur plan for the 250k SF eight-level project to include world-class flagship retail, art galleries, artisanal food and upscale restaurants and creative office on the upper floors, which will have 13-foot ceiling heights. A rooftop amenity with panoramic views also is under consideration. The property includes almost 450 feet of street-level frontage.

“We hope to create a must-visit experience where fashion, food and commerce come together within a multi-level, indoor/outdoor environment,” Blatteis & Schnur co-chairman Dan Blatteis said.

The redevelopment is expected to be completed in 2021. Macy’s Men’s will remain a tenant while the design, renovation and leasing of the new development progresses. Project leasing will begin immediately. A number of high-profile tenants have already expressed interest in flagship opportunities.

Blatteis & Schnur purchases and redevelops high-street retail across the U.S., including the redevelopment of 200 Powell St. and 800 Market St.