Nordstrom Inc. finalized an agreement with Extell Development Co. to open its first full-line store in New York City, at 225 West 57th Street in Manhattan. The seven-story, 285,000-sq.-ft. department store will sit at the base of a to-be-built mixed-use tower containing hotel and residential space.

The project is currently in the planning stages. Nordstrom plans to open the store in 2018.

“This has been a long time coming for us, as Nordstrom has sought an NYC location for many years,” said Nordstrom Inc.’s President of Stores Erik Nordstrom in a statement. “We couldn’t be happier about the opportunity to be a part of this terrific development project with Extell and feel the location works extremely well for us. We look forward to opening our doors and we view this as our chance to have our best Nordstrom store in the best retail city in the world.”

At a news conference to announce the deal, New York City Mayor Michael Bloomberg said: “It makes perfect sense that Nordstrom—one of the premier names in retailing—would want a flagship store in New York, the world’s premier city for retailing. This is very exciting news for New Yorkers and the millions of tourists who come to our city to shop each year, and this new addition to the West Side of Manhattan is another sign of the private sector’s confidence in New York City.”

The 40,000-sq.-ft. block-through site where the retailer will be located stretches from 57th Street to 58th Street between Broadway and Seventh Avenue. Derek Trulson, of Jones Lang LaSalle, represented Nordstrom in the transaction. Robert Futterman, of RKF, advised Extell Development Co.