"The expansion and modernization of the Javits Center will allow New York City to attract conventions and visitors we have had to turn away in the past, generating tens of millions of dollars in new annual tax revenue for the city and state," says Bloomberg in a statement, "and it will create thousands of new jobs in the building, construction and hospitality industries."

The project's Phase 1 will increase the convention center's size by 45%. Demolition of two buildings on the north side of the current center will open up space for the expansion. An additional 340,000 sf of exhibition space will be added. Current plans map out an increase in the meeting space from 30,000 sf to 210,000 sf. In the second phase of the project, the exhibition space will grow by 500,000 sf. That stage is expected to cost $600 million.

Additionally, Requests for Proposals are being issued for the development of a convention center hotel to be located on 11 Avenue between 35 and 36 streets. The hotel, which will connect to the convention center, will house at least 1,000 rooms and 50,000 sf of conference space.