The project will encompass 57 acres along Highland Drive near 4800 South and will be made up of16 percent commercial space, 21 percent residential space, 13 percent open space and landscaping and 49 percent streets and parking lots.

The $76 million in tax increment intended for the project will go toward infrastructure improvements. The mall sits on a flood plain, and developers will need to re-route Big Cottonwood Creek for the project to go forward.

The heart of the "European-style village" will be a main road, along which buildings up to five stories high will be built, according to master plan documents posted on GGP's Web site. It will be made up of 11 blocks and is expected to include a grocery store and community gathering plaza.

"We're really excited about the approval to move forward with this great project," Longson said.

He added that a forecast national economic slowdown could slow the growth of the project but said the first phase of the project wouldn't be open until 2010.

"We're hoping, obviously, that the market will have started to turn by that time."

Many Holladay officials are also excited for the project's progress though others — notably newly elected councilman Barry Topham — believe the city should have held out for a developer willing to build without the tax subsidies.

"It's been a long process, and there's been both sides of the issue but it's nice to get it behind us," Fitts said. "You'll see this project moving along very quickly."

Fitts also said he believed the city couldn't have found a better developer and thinks GGP will use the village as a showcase to inspire other developments nationwide.

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E-mail: rpalmer@desnews.com