HOUSTON, Texas (KTRK) -- After 48 years in the City of Houston, demolition will begin for Greenspoint Mall on Tuesday at 9 a.m, following an earlier announcement that it would be redeveloped into a $150 million industrial park.

The $150 million project is projected to create 300 construction jobs and 1,200 permanent jobs within the next few years, according to developers, and include a business retail space.

The Lincoln Property Company announced the mall site's acquisition and said the new park will be located at 12300 North Freeway on the northeast corner of I-45 and Beltway 8.