Mexico City - Abilia, the real estate development company owned by Mexican billionaire Maria Asunción Aramburuzabala, announced plans to build a 57-story skyscraper that will become Mexico City's tallest building, Forbes Mexico reported.

The British architectural firm Foster + Partners designed the project, to be located on Mexico City's prominent boulevard Reforma, near the Diana La Cazadora fountain. Abilia said that construction will begin soon and that the vast majority of the building's space - 915,000 square feet - will be dedicated to corporate use, while 65,000 square feet will be for retail purposes.

When completed, the building will feature an open plaza at street level that Abilia said will "integrate public space with commercial and office areas."

The construction project was initially in the hands of a different real estate development company, but the project never got off the ground.

Abilia did not reveal the investment cost of the development project, but in 2011 it was estimated at 1.5 billion pesos (close to $80 million at today's exchange rate.)

The new building, which will surpass the 55-story Torre Mayor, currently the city's tallest, is the latest high-end real estate project owned by Aramburuzabala, Mexico's second richest woman. According to Abilia's website, the firm currently owns 16 office buildings and residential complexes in Mexico City, Queretaro, Jalisco, the State of Mexico and Quintana Roo. Abilia is also looking into expanding into commercial malls.

Aramburuzabala, México's best known businesswoman, serves on the board of beer giant Anheuser-Busch InBev. With her mother and sister, she inherited a stake in beer giant Grupo Modelo from her father. Modelo was sold to AB InBev in 2013 for $20 billion. She has served as CEO of investment firm Tresalia Capital since 1996, and has led investments in construction, telecommunications and the Internet.

With an estimated net worth of $5.9 billion, Aramburuzabala is is the world's 302nd richest person, according to Forbes real time rankings.