Roanoke City Council at its June 11 meeting approved plans for a mixed-use development that will bring new residential and retail space to the city.

Magnolia Oak Street is a three-story development set to be constructed on 2.01 acres at 601 N. Oak St. in Roanoke. Plans call for 78 residential units averaging 726 square feet each. The units will offer one-bedroom and two-bedroom options.

Another 16 live-work units averaging 714 square feet will be built at the development. Live-work spaces combine living and work areas into a single unit.

The developer, Magnolia Property Co., is also planning 5,070 square feet of retail space at the property.

Additionally, Magnolia Oak Street will have 103 parking spaces.

“I think the additional density with the high-end residential component is going to benefit the nearby businesses on Oak Street,” Roanoke Assistant City Manager Cody Petree said. “I think it’s going to create a synergy on the north end of Oak Street.”

A construction timeline for the development has not yet been set.