(WBIR - Knoxville) The so-called JC Penney building on Gay Street has been vacant for over a decade.
At their meeting on Tuesday, the Knoxville City Council approved a tif, or tax increment financing, for the building.
It allows money that comes from taxes on the property to go back into development, so that progress can happen sooner.
"The developers have put together a financing package that they think will get it totally developed with some retail on the ground floor, some office spaces in the upper floors, and potentially some recreational space in the basement, a possible bowling alley down there so we are excited to see this go forward," said Bob Whetsel, Knoxville director of redevelopment.
Whetsel expects part of the development to be completed in late 2014 or early 2015.