Ithaca's central business district is preparing for a huge economic boost.

Development of a nine-story office building in downtown Ithaca is now in full swing.

Demolition started in December, but the project's main players came together Monday to celebrate the economic boom the project will spur for downtown business.

"It'll be an incredibly positive impact. Primarily with all the employees in this building, mostly Cornell employees will be downtown, shopping downtown, going to lunch and dinner downtown, so it'll have a great impact on the vibrancy and health of our central business district,” said Michael Stamm, President, Tompkins County Area Development.

A Hilton Garden Inn is going on top the office building and additional retail space will be available on the ground floor.

Altogether, five hundred people will be working in the new building.

Three hundred of them will be employed by Cornell University.

"Cornell could've chosen any number of locations as a work site for the staff members who will occupy the new building, but we view it as part of our commitment to a strong community to bring Cornell back downtown,” said Cornell University President Jeffrey Lehman.

Those hundreds of new workers will need a place to park. That's why Construction of the Cayuga Green parking garage is moving in sync with the Seneca Place development.

In eighteen months, a new parking garage will be in place. The garage will be seven stories high and hold seven hundred cars.

"I think there's always going to be traffic and parking challenges in any city that is as active as Ithaca, but the alternative of having empty parking lots and no activity I think is much, much worse,” said Stamm.

Even the downtown business owner who was forced to sell his property on the corner of North Tioga and East Seneca to accommodate the project says he has no hard feelings.

Race Office Supply has relocated to the Commons and business has more than doubled.

"I think we'll both be better off. The city, the economic development, will be huge from this project and we're enjoying the space here, I think it's a happy ending,” said owner Tom Pine.

To show his support for the project, Pine gave a bottle of Champagne to the Ciminelli Developers at the groundbreaking ceremony.

Planning for the Ciminelli Development Project and the Cayuga Green Parking garage has been ongoing for the past four years.