GREENVILLE, N.C. - The City of Greenville completed the sale of property at the corner of Dickinson Avenue and Reade Circle on Thursday, paving the way for a $32 million housing, office, and retail project.

The sale was completed with Sidewalk Greenville LLC for $1,505,744, the appraised value of the property. Sidewalk plans to build a development to be called University Edge/Dickinson Lofts with on-site work scheduled to begin on April 3, 2017. Current plans include 86 premium student housing units for University Edge and 58 units catering to young professionals as part of Dickinson Lofts.

There is a contractual commitment for the property to be developed as a mixed-use development containing a minimum of 20,000 square feet of leasable office and retail space and at least 120 total residential units with a minimum of 45 non-student market rate professional units and a 1-to-1 ratio of student rental housing units and non-student market rate professional units above 120 units.

"The Sidewalk Development project will be the third prominent housing complex to be developed and located in the Uptown District," City Manager Barbara Lipscomb said. "However, unlike the other two projects, which feature primarily student housing, this one will also feature market-rate housing as well as significant retail space."

According to the contract, the non-student market-rate professional units are to be different from the student rental housing units based on the number of beds in the unit, the amenities, and the interior finishes. The exterior of the building is to be no less than 40 percent masonry and shall not include vinyl. The development will be a five-story structure.