(An artist's rendering of new construction planned for the 1100 block of Market Street.)

By Steve Tawa

PHILADELPHIA (CBS) — Another big chunk of the Market East corridor will soon have a new look.

Mayor Nutter says the first phase of the nearly $250-million project, called “East Market,” will transform the entire city block, a four-acre site from Market to Ludlow, 11th to 12th Streets.

“The Renaissance of Market East, also known as East Market, is now underway,” the mayor said.

Daniel Killinger of National Real Estate Advisors, the developer, says the 17-story East Market project includes new retail shops along Market Street, plus office space and a 322-unit apartment building, to be ready by the summer of 2016.

“What we want it to be is a new destination where great shopping, dining, and working can all come together at one location in center city,” Killinger said.

East Market includes lots of digital and static signs. It’s just down the street from similar Times Square-style signage going up atop the Lit Brothers building, at Seventh and Market.

The state is investing $10 million in the project, and the city has committed $4 million in capital funding.

Developers say this first phase is only a third of what they envision, with the buildout to include Market Street all the way to Chestnut, which would bring the cost of the total project to $500 million.