Work should begin later this year on a $75 million, 14.5 acre retail development off U.S. 280 in Chelsea.

Chelsea Plaza would have 16 units of retail and commercial tenants, according to Chelsea Mayor Tony Picklesimer.

The units would range from 1,000 square feet to 20,000 square feet, according to comments Picklesimer made during the city council’s June 17 meeting.

Picklesimer said the development would bring “new major retail and restaurant businesses and a significant number of jobs.”

Construction should begin later this year, with completion in 2028.

“It is a very positive thing for our city,” he said. “It would be the largest single development in the history of our city.”

Earlier this week, the city council approved $20 million in incentives with developer Bash & Co.

Picklesimer said the city has three projections on what to expect in return once the development is up and running.

If Chelsea Plaza realizes 100% of its revenue projections, the incentives would be paid out in 11 1/2 years and the city would receive more than $49 million. At 80%, the incentives would pay off in 13 1/2 years, and the city would net $35 million.

At 60%, incentives would pay off in 17 1/2 years, with more than $20 million flowing back to the city.

Picklesimer said the city will assume no ongoing financial risk, with no upfront immediate cost, and its borrowing capacity, ratings and budgets will not be impacted.