King County records show that Bankers Capital Management, LLC and Centrum Financial Services, Inc. sold the former Cavanaugh family-owned block on East Main Street to Plan A Development, LLC for $1.4 million plus $25,370 in taxes.

Landmark Development of Auburn, which owns the limited liability corporation, completed its purchase of the block last week.

Auburn’s Economic Development Manager Doug Lein said in an email to Mayor Pete Lewis that developers John McKenna and Brett Jacobsen had confirmed that they are into full design work for a mixed-use project and expect to be in construction this year.

Bret Jacobsen, general manager of Landmark Development and Investors Capital Group, declined requests for comment.

Landmark’s plans call for a six-story building, a mixture of retail on the base facing West Main Street and five floors of apartments above that can be set up for condominiums. Its plans reportedly include covering the parking garage on the south side of the lot, which is the only part of the defunct Cavanaugh project ever completed.

Of keen interest to downtown merchants, city officials expect the building upon completion to put an estimated 400 more people in the downtown, day and night.

According to the its website, the Landmark Group “develops multi-family housing and mixed-use commercial projects through public and private partnerships, from adaptive reuse of historically significant structures to new construction.”