JEFFERSONVILLE, Ind. (WHAS11) -- Millions of investment dollars will soon be coming to the riverfront of one southern Indiana community.

From new restaurants to retail things have changed over the last few years in downtown Jeffersonville since the completion of the Big Four Bridge.

Mayor Mike Moore says one thing is missing -- people.

Moore hopes that will soon change with the development of property along Market Street which has sat vacant for decades.

“I’m excited because Jeffersonville does need some upscale housing,” said Moore. “This project fits that bill.”

Once the site of an old foundry, Denton Floyd Real Estate saw a multi-million dollar opportunity that needed the council to repeal some old ordinances.

“You don’t have a whole lot of space downtown so you go upward,” said Moore.

The $40-million project will feature a six-story apartment building with views of the Ohio River.

“The view over the top of that flood wall is breathtaking as everybody knows, and that’s what people are going to get when they move here,” said Moore.

Mayor Moore says the impact of the 250-unit complex goes far beyond helping the city hit its goal of bringing more than 700 apartments downtown by 2022.

“The businesses around here need residents living downtown,” said Moore. “People are looking for opportunities to come out their front door and walk a block to a restaurant. They’re going to have that opportunity right here.”

But with the Jeffersonville Planning Department estimating that 4700 apartments are needed citywide there’s still work to be done.

“We’ve seen 6,000 new jobs in Jeff in the last six years,” said Moore. “When you do that you’ve got to have opportunities to live as well. I don’t want people to earn a paycheck here, and live in another county.”

While you’re going to be seeing plenty of orange construction cones around town Mayor Moore says construction won’t start on this property until 2019 with a targeted completion date of 2021.