ST. LOUIS (KSDK) – It's no longer a rumor or dream – IKEA is moving to St. Louis.

St. Louis and company officials held a press conference Wednesday to formally announce plans for the store site, which will be located at Vandeventer and Forest Park Avenue in St. Louis.

RELATED: Finally! IKEA planning St. Louis store

The proposed IKEA would be the first in Missouri and one of only 38 IKEA stores in the U.S. A Kansas City-area IKEA is slated to open in fall 2014 in Merriam, Kansas.

The store will sit on 21 acres and is estimated to generate $250 million in new taxes. The store would be more than 350,000 square feet and create 400 jobs.

RELATED: IKEA to officially announce plans for St. Louis-area store

Mayor Francis Slay joked that the store's announcement is the "worst kept secret in St. Louis" and is proud that the store will be in city limits.

The groundbreaking is tentatively scheduled for next summer with the official store opening slated for fall 2015.