Updated at 8:45 p.m. with BMO comments

BMO Harris Bank is planning a $10 million restoration and construction project at its historic Southwest Bank property in south St. Louis.

The project includes exterior restoration of the Southwest Bank building constructed in about 1905, with a 1920s addition, at South Kingshighway and Southwest Avenue, bank officials said Monday.

Also planned is a Walgreens drugstore in a new building that would replace old storefronts BMO Harris occupies on South Kingshighway immediately south of the bank building. BMO Harris plans to donate the building at Kingshighway and Botanical Avenue to the Tower Grove Neighborhoods Development Corp.

Walgreens plans to relocate to the BMO Harris site from its current store across Southwest, bank officials said.

Bradley Smith, president of BMO Harris Bank's Midwest Region, said the bank's development partner is Chicago-based Draper and Kramer Inc., which will acquire the 2.5-acre property then lease it to the bank. The project could be completed in about a year.