NEW YORK (CBSNewYork) — A historic new office building is coming to the Bronx.

Developers held a groundbreaking Wednesday on 149th Street in the South Bronx for a new state-of-the-art commercial building.

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The six-floor building will have more than 66,000 square feet of rentable space, including retail space on the ground floor.

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Borough President Ruben Diaz Jr. says a building of this caliber hasn’t been built in the borough in 75 years.

“We have to have real job opportunities for Bronxites, and we have to have a real place that aesthetically we can be proud of, and that’s what we’re doing here today,” Diaz said.

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Diaz calls the turnaround happening in the South Bronx a “renaissance” for the borough.