The Wharton Street development project came closer to becoming a reality in 2012.
In spring, developers showed their concept for the project, which would put institutional, commercial and residential spaces on the property which now houses the Summerland Museum and Summerland Library.
In late August, developers and members of municipal council met to sign the paperwork for the project.
The developers still need a development permit and a building permit before construction can begin.
Joe Mahovlich, one of the developers, said the project will be worth between $90 and $120 million.
Mayor Janice Perrino said the project will help to revitalize Summerland’s downtown.
Before the papers were signed, developers had worked on the concept for 18 months.
Work is expected to begin in early 2013 and the first building is expected to be completed by early 2014.
The first five-storey building will have an area of more than 6,000 square metres.
The development will also house the Summerland branch of the Okanagan Regional Library and the Summerland Museum. Both facilities are in spaces much too small for their present needs, let alone for future growth.
Earlier, another developer had proposed a series of buildings on the same site, up to seven storeys in height. That concept was abandoned early in 2011 after the developer at the time did not purchase the property by the Jan. 15, 2011 deadline.