RALEIGH, N.C. — The Raleigh City Council gave its formal approval Tuesday for RBC to build its new headquarters in downtown Raleigh.

The Council also approved the sale of a downtown track where a building as tall as 21 stories could be constructed.

The RBC tower will stand 538 feet tall and include 271,926 feet of office space, 17,715 square feet of retail space, an eight-level parking garage and 150 residential units.

The tower will be built in the block bounded by Fayetteville, Martin, Wilmington and Davie streets.

The Council also approved the sale of a half-acre piece of property to Empire Properties for $1.44 million. That's the current appraised value of the property.

Empire wants to build a mixed-use project at the site, which is to the northwest of the Progress Energy Center for the Performing Arts. The property is bordered by Salisbury, Lenoir and South Streets.

The City and Empire are negotiating specifics about the building, which would stand between 16 and 21 stories tall and contain as much as 277,000 square feet.

The tower would include a hotel, condominiums, retail space, a restaurant and a fitness center.