LOUISVILLE - The South Boulder Road corridor could boom, now that a 24,000-square-foot Alfalfa's Market has been approved nearby, according to the city's economic development director.

The Louisville City Council on Tuesday approved plans for a 111-unit apartment building and 33,700 square feet of retail space - including the Alfalfa's grocery store - at 707 E. South Boulder Road. Boulder developer Jim Loftus first proposed an apartment project for the site in 2011.

Loftus scaled back the height and the size of the project after getting opposition from its neighbors. The new plan includes underground parking for apartment residents and more retail space, according to Aaron DeJong, the economic development director.

"I'm happy we're on to the next phase," DeJong said. "This project will breathe life into the South Boulder Road corridor, and new opportunities will perk up in the area because of this development."

Once it is open, the Alfalfa's also will be eligible for a rebate of sales-tax revenue it generates in its first three years, up to $800,000. The natural grocer also can receive a 50 percent rebate of Louisville's use taxes and permit fees.

Louisville planners have estimated that the new grocery store may bring as many as100 full- and part-time jobs to the city and generate about $3 million in sales-tax revenue in the first 10 years that it's open.

Development plans must receive final approval before construction begins, but that process is expected to go quickly, DeJong said.