NASHVILLE, Tenn. (WKRN) — An underutilized and widely unknown area downtown will soon see new life.

Developers’ eyes are set on an alley off Third Avenue North downtown, with plans to replace an old parking garage with shopping, dining and more living space.

Rubicon Equities is planning a mixed-use project at the site of Bankers Alley that they hope will interconnect the downtown community.

Dave Johnston, an architect at STG Design sees the project as more of a local venue than one for the tourists, and he has big plans for the alley and avenue that doesn’t get much love.

Through the years Bankers Alley has been overshadowed by Broadway’s honkey tonks and Printers Alley. Understandably so, too, it’s not much to look at.

“I think it makes Nashville a better place; number one, it gets rid of an old parking garage that is not contributing to this part of the city; number two, it puts people downtown who work downtown can now live downtown. This is not luxury living its living for the people that work here,” Johnston said, adding that he sees major potential.

Once the project is fully approved, developers hope to build a 15-story building with 300 apartments, retail, restaurants and parking. The current parking garage and adjacent street parking would be demolished.

The effort here is to connect Bankers Alley to other notable downtown Nashville districts, while keeping the historic fabric of Third Avenue’s archways, brick and stonework alive.

“The Bankers Alley development will further the walkable nature downtown you can already see it forming with the plans for redevelopment of the Second Avenue properties that will give access from Second Avenue to the riverfront,” Johnston said, adding that both of these projects will work to turn Nashville’s face toward the river once again.

The combination of the residential and retail/dining as core elements of the project, as downtown Nashville grows with jobs and residents, allows more people to live and work downtown, lead a walkable lifestyle where driving isn’t necessary, and amenities are at their doorstep.

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Project leaders hope to complete the project in two to three years.