The City Council this week approved a development agreement for an 18-acre mixed-use project, complete with a 27-story apartment complex and hundreds of housing units between State and Main streets.

Developer Steve Aste described the half-billion dollar "Market Station" venture as the reverse of Salt Lake City's Gateway, noting it would be a residential and retail project that prioritizes housing over shopping. The development is expected to take five to seven years to complete.

The high-rise - which would tower over the project just south of the 2100 South light-rail station - would mark a big change for a suburb more accustomed to squatty buildings, like the five-story Granite School District headquarters.

Councilman Casey Fitts called Wednesday's approval "a big step," but pointed out the agreement is preliminary in defining what would be done and what sorts of funds the city would kick in.

"We'll certainly look to define ways to limit the city's contribution while helping as much as we can," said Fitts, adding that public money would aid only infrastructure and improvements.

Councilman Shane Siwik said the agreement simply locked in place the fee structures for the project and didn't spell out specifics. But he added that the council is excited to see it come online.

"It's going to be fabulous," Fitts said. "This is a great project that will change the look of the northern gateway into South Salt Lake and revitalize an area that needs assistance. I'm hopeful that this will bring a good-sized portion of residents into South Salt Lake."