New details emerged Friday about the planned redevelopment of the former Macy's building downtown, including the investors' total commitment — about $30 million.

More than 20 investors calling themselves the 180 Peachtree Retail Group want to turn the first three floors of the historical building into shops and restaurants.

The plan includes opening a prepared-foods marketplace on the third floor, under the guidance of a soon-to-be-named noted local chef, said Robert Patterson, managing partner of the investment group.

Patterson revealed some of the project's details at the quarterly meeting of Central Atlanta Progress and the Atlanta Downtown Improvement District.

The two biggest investors are cousins Robert Galanti and Asher Benator. Galanti said the three floors were purchased for $16.5 million. The sale closed last week.

Millions more will be spent converting the 81-year-old space into what investors are calling a "festive" 150,000 square feet of retail. Wachovia is the lender.

"It's going to feel much more like a Faneuil Hall Market Place (in Boston) with boutiques and restaurants," Patterson said.

The building's arched windows will become lighted openings fronting a wall of glass set back about 25 feet, Patterson said. A grand hallway will be lined with retail.

Patterson said a recent study showed downtown needs about 1 million square feet of additional retail to serve office workers, students, residents and visitors. He said his group conducted a survey before committing to the project and received 1,400 responses.

Demolition began this week and construction is expected to start by late fall. The yet-to-be-named retail center could open in late summer or early fall of 2009, Patterson said.

The top five floors of the eight-story building will remain office space owned by the Peachtree Carnegie limited partnership.

Macy's occupied the building from 1985 to 2003. Before that, it was home to the Davison's department store.