ALBANY, N.Y. (NEWS10) — The Central Warehouse is finally getting a new lease on life. Two major Capital Region development firms received the go-ahead to remake Albany’s skyline.

After years in the making and a revolving door of developers, the Albany County Legislature officially approved Redburn Development Partners and Columbia Development to take on one of the largest renovation projects in the Capital Region.

Local officials say it’s a major step forward in what could be a historic project for the city. They say the project is no small task and it won’t happen overnight. Redevelopment could cost at least $68 million, including $36 million in labor costs.

“Tonight’s vote is key for what they need to do next,” said Andrew Joyce, chair of the Albany County Legislature. “I would imagine there’s some public financing that they will need to acquire.”

Members of the Albany County Legislature said the key building block of the project will be guaranteed job opportunities for members of the local community. “A crucial step in the process is making sure that a strong project labor agreement is in place,” said Albany County Legislator Dustin Reidy.

“We need to make sure that the local community is also offered job opportunities,” said Matthew Peter, another member of the legislature.

“When you get down to it, it is just a piece of property and a building,” said Joyce. “It is very visible and right in the heart of downtown. But a lot of us have a good feeling about what’s going to happen next.”

The two development companies envision a multi-use building. Beyond apartments, the project calls for commercial, retail, and public art space. They have not given a timeline for when any redevelopment would begin or be completed. So far they indicated they are applying for state tax credits to help finance the project.