A mixed-use development that has been billed as a “once-in-a-generation” project for one Austin-area suburb is one step closer to fruition.

Omaha-based Nebraska Furniture Mart received unanimous approval from Cedar Park City Council to rezone a 118-acre property where it aims to raise a large store as well as a hotel, conference center and much more. The project is expected to cost over $400 million to build.

CPM Development says the development will include a 250-room, full-service hotel; a 30,000-square-foot, city-owned convention center; 250,000 square feet of retail; and 700,000 square feet of warehouse space. It would all be anchored by a separate, 500,000-square-foot Nebraska Furniture Mart.

The entire project is expected to generate $435 million in new tax revenue for Cedar Park in its first 25 years of operation. The city committed to providing $45 million in performance-based rebates. In return, the company is required to invest $400 million and create 725 jobs in the first year of opening. Construction could start in 2024.