NEW HAVEN, Conn. (WTNH) -- One phase of a major redevelopment project has been completed in the Elm City.

A ribbon cutting ceremony was held on Monday at The Anthem at Square 10, a residential and retail space at the former New Haven Veterans Memorial Coliseum site.

"The very start of a new, transformative neighborhood in New Haven," Michael Piscitelli, economic development administrator for New Haven, said.

The Coliseum was an entertainment and sports venue that was demolished in 2007 and used as public parking over the years.

"It is just incredible how much growth is happening in our city," New Haven Mayor Justin Elicker said.

The completion of this phase of the project, which totals about $76 million, includes a 200-unit residential building, public open space and retail space. Elm City Market, The Melting Pot and Common Grounds will all be there with more to come.

"I'm excited to be part of this community and grateful to be part of them," Wilson Jara, co-owner of Common Grounds, said.

So far, News 8 is told, about 30 units have been rented out. 40 will be affordable housing units.

"There are 20 units set aside for households of 50-60% area median income and the other 20 units are set aside for households 60-100% AMI," Elicker said.

The next phases of this project include additional apartments, a parking garage and a med/lab building with a ground floor restaurant.

The hope is to bring new commercial and residential spaces to New Haven, completely reimaging the area and serving as a connecting point to other neighborhoods.

"This building is absolutely stitching neighborhoods back together," Ward 6 Alder Carmen Rodriguez said. "The Hill, to downtown, downtown to the Hill, going over to East Rock and all over."

The city said the med/lab building is scheduled to have a groundbreaking in 2025.