The project, known as Hudson Yards, is estimated to cost $15 billion dollars.
Out with the old and in with the new; a railroad storage yard will turn into a neighborhood of high-rises and community space.
City officials are calling it "the next big thing" for New York City.
The ceremonial groundbreaking was for a 48-story tower which is scheduled to be finished by 2015.
It's reported that over 23,000 construction jobs will be created from the project.
