The old McRae's building has been sitting vacant for years, but that will soon change.An investment group bought the building and is tearing it down to put up luxury loft apartments.Prado Lofts at Meadowbrook have been approved by the city. The goal is to start demolition in August. Gabriel Prado, CEO and president of PraCon Global Investment Group, hopes to submit the full set of plans by September to begin construction by the end of the year."If you look around the area, this has been the biggest eyesore for the community, so the goal here is to have a social impact that benefits the neighbors, the city and allows for these to redevelop just like the rest of Fondren did," Prado said. Starting at $1,900, the lofts will feature 215 units, clubhouses, a swimming pool, multiple study rooms, workout facilities and a walking trail that's already in the works by the city."This really closes the loop into the redevelopment into the area, and this is going to be the anchor that allows for all of this change," Prado said.The Mississippi Legislature recently approved $500,000 to help with Eubanks Creek flooding. Prado said they are working with the city to get the rest of the funding to get the area out of the flood zone.Sue Creel, a Jackson resident who has gone through many floods, said she's more than excited for this development."The more improvement the city does for Eubanks Creek to help this property here be successful, the better it helps me," Creel said.