NEW YORK (CBSNewYork) — It’s a long way from completion, but the Hudson Yards project is on its way to becoming one of the largest private real estate developments in the country.

It’s is being called the new city in our city.

READ MORE: 4 More Omicron Cases In New York State, Gov. Hochul Says

“It’s such a large project and it incorporates both live, work and play environment and the magnitude really creates a small city in itself,” Related Companies Chairman Stephen Ross told CBS2’s Ali Bauman.

On Tuesday, Hudson Yards developers celebrated the grand opening of its first building as Coach Inc. employees moved in to the company’s brand new headquarters at 10 Hudson Yards.

Coach CEO Victor Luis says he is proud to be the first to join what he believes will be a new hub of the city.

Hudson Yards is being redeveloped into a community with a massive amount of commerce, residential, and cultural buildings all coming together in one location right here at the foot of the High Line where five, six million tourists from across the world come and enjoy New York,” Luis said.

READ MORE: Wake Today For Probationary Firefighter Vincent Malveaux

The 52-story building, that’s just under 900-feet tall, stands next to the High Line on 10th Avenue and 30th Street in Chelsea, which was once industrial railway.

The opening marks the completion of the first part of the Hudson Yards project. The next phase is set to open fall 2019, which includes residential apartments, office and retail spaces.

“This is 1.75-million-square-feet out of a total of — what we’re gonna build — 20 million square feet so we’re not even 10 percent of the way there yet,” Ross said.

Apartments at 15 and 35 Hudson Yards will go on sale later this year.

But 10 Hudson is expected to be the offices for 7,000 employees once companies like L’oreal and the Boston Consulting Group move in later this year.

MORE NEWS: Police: Burglar Steals From Brooklyn Synagogue 3 Times

Coach said its roots run deep in the neighborhood. Part of the High Line, known as Coach Passageway, runs right next to the new building.