The former site of Waterloo Gardens in Devon, Pennsylvania is finally getting put to full use. Main Line Times reports that Urban Outfitters has leased the 6.5 acres of land and is in the preliminary planning stages of transforming it into a downtown shopping and lifestyle center.

Devon Yard, what the project is currently being called, will host a selection of Urban Outfitters branded shopping experiences like a Terrain garden center (currently only located in Glenn Mills, PA and Westport, CT), an Anthropologie retail store, additional shopping, a boutique hotel, restaurants and high-end amenities. The preliminary plans were revealed to the Easttown Township Planning Commission on Tuesday, October 1.

In addition to their in-house brands, Urban is hoping to acquire subleases to two other buildings that will host fine and mid-level dining locations, a specialty food store, a wellness facility or possible exercise studio space. As for the hotel, the company plans to pair with a yet-to-be-named boutique hotel operative to open The Devon Inn – a chic resort that hopes to attract local and business travelers. It will be five stories high in the main wing and three stories high in the 93 guest room lodging area. The Inn will include such features as a restaurant, wine boutique, event space, and luxury spa.

In addition to this new retail hub, Urban is partnering with the Devon Horse Show to help improve the event's parking lot – which will serve as an overflow facility in the off-season for Devon Yard visitors in addition to the planned 500-car garage.

So when can we expect some movement on this project? Caroline O'Halloran of the Main Line Times says:

If all goes as expected, zoning and land planning approvals would take about a year and construction would finish by April 2016, Ziel said. He estimated the complex would generate $3 million in annual taxes to the Tredyffrin-Easttown School District and $260,000 to Easttown Township, or "about 800 percent more tax revenue."