Jerusalem Mayor Nir Barkat and Transportation Minister Yisrael Katz held a press conference tonight where the plans for the Jerusalem’s new business district was revealed.

“This project we are initiating is a game-changer for Jerusalem. It is the biggest, most significant and essential project for the future of the city,” said Barkat in an emailed statement to The Times of Israel. “Jerusalem after the completion of this new business district will be different from before,” transformed from a city with stalled economic growth and a declining population to “an attractive city for young people,” competitive and empowered.

The Israeli and Jerusalem governments are funding the project with $364 million. The proposed plan, which is 173 acres, includes 24 office buildings and 60,000 meters of commercial space and 70,000 meters of recreational spaces.

“The project is huge and will create an area that will be completely integrated with the rest of the city and throbbing with cultural and commercial activities during the day and the night,” Lior Grunhaus, a vice president of Eden, the municipal company that is managing the project, said in an interview with the Times of Israel. “Today the entrance to Jerusalem is peppered with empty parking lots and bus lots that are not what you’d like to see entering the capital of the country.”