Financial services technology firm FIS has received city and state approvals on an economic development package for plans to build a new world headquarters in Jacksonville.

The company has also entered into a real estate purchase agreement with Blue Cross and Blue Shield of Florida to purchase the riverfront property located at 323 Riverside Ave. to build its headquarters. The agreement is expected to close no later than the second quarter of 2020.

The new headquarters building is expected to be 12 stories with approximately 300,000 sq. ft. of space. FIS expects construction on the new headquarters to begin immediately after the closing and to take about two years to complete.