The flagship Century 21 location in Bay Ridge, which first opened in the 1960s and has been sitting empty for five years, will now become the Century Marketplace after a $47.5 million sale.

The sale includes two parcels of the property in two phases, covering both sides of the street, including what was mainly a storage area on the northern side of the property on 87th Street.

"This is a bustling area, and yet because this one property is so huge, and so vacant it just looks like no one cares," said area Council Member Justin Brannan. "We're trying to activate all of it to get rid of all these vacant shops, to bring stores in that people actually want to shop at to really lift up this neighborhood."

Brannan tells News 12 the project represents the largest push to revitalize derelict spaces in Bay Ridge and help new businesses expand and grow in South Brooklyn, prioritizing the 86th Street corridor.

"This is unique and a major economic driver for us in South Brooklyn so we want to have a smart design, that uses the space and has places where people actually want to shop," he said.

Brannan says the goal is to bring more foot traffic to an area that is an increasing mix of big-box brands and mom-and-pop businesses that could use the boost of a destination shopping area.

"The last thing you want to hear is that people have to leave the neighborhood for the stores and brands we like, so the project is listening to what people actually want," says Brannan.

Small businesses, like Wagon Pizza and Hair & Beauty, tell News 12 they rely on walk-ins and welcome the push to help bring more businesses to the area.

"That's fantastic news really- I just need them to just open up that's what we need - more foot traffic," said Wagon Pizza owner Vito Parente.

Developers MCB Real Estate say it hopes to begin construction on the project later this year.

"We see this redevelopment as more than just new space, it’s a long-overdue reinvestment in a neighborhood with deep roots and strong potential. This project fills a critical need in the area and reflects the vibrant future of Bay Ridge. By reactivating this key hub, we’re adding new energy, convenience, and vitality to 86th Street, creating jobs and driving foot traffic. The benefits will ripple out, creating opportunities for local residents and nearby small businesses," said MCB Real Estate.