Centennial Properties Inc., the Spokane-based property developer that is part owner of the River Park Square downtown retail center, said it has agreed to buy the downtown Macy’s building, at the northeast corner of Main Avenue and Wall Street.

 The company said in a press release that it envisions an expansion of the downtown retail district on the first and second floors of the 10-story building, which is just east of River Park Square, and a mix of office and residential space on the building’s upper floors.

Macy’s closed its downtown store and vacated the building in March. Centennial Properties plans to spend the next few weeks studying aspects of the building and developing plans for renovation. However, Betsy Cowles, president of Centennial Real Estate Investments, said in the release, “Critical to being successful will be moving quickly so the building does not sit empty for too long.”

Centennial has hired Walker Construction Inc., DCI Engineers Inc., and NAC Architecture to work on the project.

Centennial Properties is a subsidiary of Cowles Co., which owns the Journal of Business.