The City of Yonkers reached an agreement Wednesday to sell 16 acres of city-owned land to developers who want to remake the downtown area into a shopping and sports destination.

The billion-dollar urban revitalization plan was first proposed three years ago at Yonkers City Hall, where it remained on the drawing board up until now. If the Yonkers City Council approves the land sale deal, worth at least $22 million, it will clear a key hurdle for the development.

The developers are expected to pay $1.2 million per acre for land on Main Street and Nepperhan Avenue, where they would build a complex of stores and restaurants, residential towers and a minor-league baseball stadium, which would be constructed along the Saw Mill River.