Building Reimagined LLC — a partnership between architect Clark Barnes and contractor BNBuilders — is working with the property’s owners on its proposal to construct a 21-story mass timber residential tower at 301 Pike Street in Seattle where a Ross store has operated for decades.

The proposal comes as Ross Dress for Less prepares to leave the downtown Seattle location situated along Third Avenue, reported the Puget Sound Business Journal.

The plans call for 340 apartments, averaging 790 square feet as well as two levels of above-grade parking and additional underground parking. An 8,000 to 10,000 ground floor retail space would anchor the development.

Building Reimagined estimates the project will cost between $160 million and $180 million. It has lined up limited partners and a mass-timber supplier, but it still needs a general partner or co-developer to complete the equity stack and secure financing.