That hulking, empty lot on Mid-Market is finally set to rise into a more retail-friendly $150 million, 250,000-square-foot urban mall.

When last we checked in at the lot, which sits on the south side of Market between Fifth and Sixth Streets, the plan was to open a similarly sized discount retail mall called CityPlace with JC Penny as the anchor tenant. After two years of false starts, developer Cypress Equities bought out their partner firm and will begin construction this September, although they'll be moving forward without any retailers actually signed on to lease.

The development was initially renamed Market Street Place and is now courting more upscale retailers to draw a more spendy clientele to that particular stretch of Mid-Market. According to the Chronicle, the developers have received interest from fashion retailers, cinema developers and even a bowling alley group. There's also talk of building a gourmet food court like you might find at Chelsea Market or Eataly in New York.

Design-wise, the latest plans have outdoor space on the fourth and fifth floors, as well as a glass facade that will give everyone a clear look out onto Market Street.

"As we dug into the plans, we found the building that had been designed was not up to the standard it needed to be for the location," Cypress Group CEO Chris Maguire explained. "We will have the most unique storefront retail on Market Street outside of the Westfield, and the retailers ought to match."

Construction is expected to take two years (it currently looks something like this) meaning the first retailers could be open in time for holiday season 2016, depending on how long individual tenant build-outs take.

Meanwhile, across the street, 950 Market Street is going to huge.

Previously: CityPlace To Move Forward Again On Market Street With JCPenney As Anchor
Holy God, 950-974 Market Street Is Going To Be Huge
[Chron]