The Planning Commission unanimously recommended approval of the sale Monday with little discussion other than to remark on the size and scale of the potential development.

“It’s a massive project,” said commission Chairman Rodney Poole.

“It is a massive project,” Englander said.

He noted that it would be developed in phases, with the parking garage and retail space constructed first, followed by the tower apartments.

The proposed contract between the development group and the city specifies the entire project would be completed within five years and have a taxable value of at least $86 million.

“We actually anticipate we will exceed that number by the time we finish,” Englander said.

The developers also have committed to including at least 28,000 square feet of ground-floor retail space fronting Grace and potentially either Sixth or Seventh street. Their contract also requires a minimum of at least 372,000 square feet of residential and commercial space.

He said all of the contemplated apartments and condominiums would feature large outdoor spaces.