Longstanding buildings will be coming down in Portland's Goose Hollow neighborhood and a major development will go up in their place.

Seattle-based Urban Renaissance Group and Security Properties announced Thursday the purchase of the "Press Blocks" site for $20 million.

The property was purchased from Advance Publications, the parent company of the Oregonian newspaper.

Demolition of the existing buildings is scheduled to begin this year, with construction of the new three-building projected slated for completion in mid-2020.

The site spans 1 1/2 blocks at Southwest 17th Avenue and Yamhill Street near Providence Park. The proposed development will include an eight-story office building, a high-rise apartment building with 337 apartments and a 41,000-square-foot pavilion building with 14,000 square feet of ground floor commercial and creative office space.

Copyright 2017 KPTV-KPDX Broadcasting Corporation. All rights reserved.