BOSTON (CBS) – A multi-million dollar project is in the works for the gaping hole in Downtown Crossing that used to house Filene’s.

On Friday, the city of Boston announced a plan to build a $500 million tower in the space.

Developer Millennium Partners will take the lead on the building, which will be a 500 to 600-foot tower.

Millennium was responsible for developing the other end of Downtown Crossing.

WBZ-TV’s Paul Burton reports

The tower will house, retail, office, and residential space.

The city hopes construction will begin within a year at the long-stalled development.

The site went back on the market more than a year ago after Vornado Realty Trust failed to produce the development it had promised.