Tropical Foods, a grocery store in Roxbury, has secured financing to quadruple the size of its space in Dudley Square.

The new 40,000-square-foot store will be built at Parcel 10, a 2.1-acre parcel located adjacent to the existing Tropical Foods store at 2101 Washington St. and the intersection of Melnea Cass Boulevard.

"I am so proud to see this important project moving forward in the heart of Roxbury," outgoing Boston Mayor Thomas Menino said in statement. "Tropical Foods’ expansion will be the next step in the continued revitalization of Dudley Square and will give our residents better access to a wider variety of fresh food."

Tropical Foods has been located in Dudley Square for more than 40 years. The grocery store’s former building will remain open while the new one is constructed. Following its completion, the old building will be refurbished and redeveloped as a mix of market-rate and middle-income affordable housing.

Development of the new Tropical Foods facility will cost approximately $15 million. Financing for the project will utilize $3.6 million of allocations of New Market Tax Credits provided through Bank of America, $1.4 million of MassWorks infrastructure program funding provided by the Executive Office of Housing and Economic Development (EOHED) and a $788,000 grant from the United States Federal Office of Community Services as part of its Healthy Food Initiative.

Parcel 10 is co-owned by the Boston Redevelopment Authority (BRA) and the Massachusetts Department of Transportation (MassDOT). Madison Tropical LLC was granted tentative designation for the redevelopment of Parcel 10 in May 2013. The BRA and MassDOT worked with the Roxbury Strategic Oversight Committee and the development team through the tentative designation process to craft a multi-faceted development program at the site.

The grocery store is the first phase of development approved for Parcel 10 to move forward. Additional planned development includes the construction of a five-story retail and office building.