A $150 million mixed-use town center in Peachtree Corners is a step closer to reality after the city’s downtown development authority selected a group to develop more than 20 acres of city-owned land.

Fuqua Development, apartment giant AMLI Residential and Pope & Land Enterprises were named the “top-ranked” team for the project near The Forum shopping center at Medlock Bridge Road and Peachtree Parkway.

The Fuqua partners have proposed 356 high-end apartments, a 120-room hotel, some office space and 150,000 square feet of retail, including a grocery store, fitness club and movie theater. The project would stretch to about 31 acres including land owned by Cheeley Development, according to a city news release.

The proposal will require approval by the Peachtree Corners planning commission and city council. In August, three teams proposed development of the site. If the Fuqua team is unable to complete an agreement to purchase the site, the team that finished second, TPA Group, would be next in line, the city said.