Walton-owned Blue Crane announced today via press release plans to redevelop a block of buildings on the downtown square.

Here’s what we know so far:

• The development is planned for Second Street, between NE A Street and North Main Street.

• Blue Crane is working with Riverside, a real estate firm based in Austin, on the proposal.

• The plan is to build a mixed-use development, with new residential units, commercial spaces, dining and underground parking.

• Blue Crane says it intends to submit plans and start the city’s large scale development process this fall.

• Utility work tied to the potential development began this month, and construction could begin early next year.

• According to the press release, the “design blends historic elements – with storefronts that reflect the designs of the original brick commercial buildings built in the 1880s – with more modern architecture off the square.”

• The Arvest branch currently on the square is expected to temporarily relocate during construction. A new Arvest branch is planned as part of the completed development.