A downtown Dallas skyscraper project that has been years in the making is ready to break ground.

The 41-story Atelier tower will go up on one of the last vacant blocks in Dallas' Arts District at Flora and Pearl streets. The mixed-use high-rise will include retail and artists' lofts in one of the tallest residential buildings in town.

Florida-based developer ZOM will build the project, which will have 364 luxury apartments.

The project includes 15,000 square feet of storefront retail and a parking garage. More than 50 affordable artists' lofts in the project on Flora Street will come later.

"The wonderful, adjacent companion element in the development — Flora Lofts, mixed income housing for working artists — is continuing in anticipation of closing on financing and advancing the project over the coming months," said loft project developer and architect Graham Greene.

The Atelier and Flora Lofts development has been in the works for more than three years. It's the latest in a series of new buildings on the way on downtown's north side between Ross Avenue and Woodall Rodgers Freeway.

Fifth Third Bank and SunTrust Banks are providing construction financing for the huge project being developed in partnership with Japan-based homebuilder Daiwa House. And Japan's ITOCHU Corp. is an equity investor.

"We are proud to be part of the transformation of this evolving neighborhood," Greg West, ZOM chief executive officer, said in a statement. "The Arts District, Downtown and Uptown are merging into a vibrant, highly desirable, 24‐hour urban area and Atelier sits at the heart of this very important intersection."

Apartments in the tower will range from 702 to 2,266 square feet. And there will be an 11th floor amenity deck with resort‐style pool, open lounge areas, a fitness center, conference room, co‐working spaces, dog salon and other features.

The building is expected to open in 2020.

Stantec provided architectural design for the project and the general contractor is Balfour Beatty.

Partner Daiwa House is Japan's largest homebuilder, with investments across the globe.

"Daiwa House is excited to be part of this unique opportunity which will provide luxury and affordable housing to the Arts District," said Takeshi Wakita, president of Daiwa House Texas Inc., said in a statement.

The Atelier tower will bring more needed residential space to the Arts District.

"It's a very important development to really round out the Arts District," said Kourtny Garrett, CEO of the economic development group Downtown Dallas Inc. "The next evolution for the district is to add more residential, retail and street level experiences."

Atelier will be the third high-rise residential building under construction in downtown Dallas.

Developer Craig Hall is building a $250 million, 25-story building on Flora Street that will have about 44 condo units. Hall's Arts District project will also have a luxury hotel. And Chicago-based developer AMLI Residential is constructing a 45-story apartment tower next door to downtown's landmark Fountain Place skyscraper on Field Street.

"We are seeing a lot of momentum in and around the Arts District," Garrett said. "Five years from now Ross Avenue and Flora Street will feel very different than today."