The Boston skyline will soon have a new 600-foot skyscraper.

Yesterday, the Boston Redevelopment Authority approved a Copley Place Expansion project that is set to bring a 52-story building to the Back Bay, fitted with 542 residential units, more retail and restaurant space, and an all-season atrium.

Simon Property Group’s $500 million retail expansion and residential addition will transform Copley Place into a 625-foot tower, making it the third tallest in Boston — behind Hancock Place (790 ft) and the Pru (750 ft.).

Copley Place will house 109 condominiums and 433 rental apartments on 52 floors, increasing the amount of affordable housing from 42 to 71 units onsite. An additional 115,000 square feet of new and expanded retail and restaurant space plus an all-season atrium are also included in the design plan.

Simon will invest $1 million in public art and plans to make enhancements to the Southwest Corridor Park, including new trees, raised planters and game tables, cafe and other outdoor seating, along with improved pathways throughout the park.

“This project will significantly enhance the urban fabric of the neighborhood,” said VP of Development Patrick M. Peterman, Simon’s lead developer on the Copley Project, in a press release. “We have a unique opportunity to meet the ongoing demand for additional housing.”

The project, which could generate $7.2 million in new annual property tax revenue, is said to be transit-oriented and environmentally responsible.

The project plans to generate 250-270 permanent jobs and 1,700 construction jobs over a four-year period.

In 2011, the BRA approved a Copley Project but the agreement fell through.

This post has been updated after originally stating that Simon’s $1 million dollar investment would include additional trees, seating space and pathway enhancements. Simon’s $1 million investment is towards public art.