SPRINGFIELD, MA-Penn National Gaming Inc. has proposed an $807 million destination casino project to the city of Springfield and the Springfield Redevelopment Authority to help aid in the revitalization of the downtown here. The plan, if approved, would include 300,000 square feet of gaming space, a 500-unit guestroom hotel, a 4,000-vehicle parking garage and other amenities, according to a statement from the developer released Thursday morning.

Penn National will be working in partnership with Peter Picknelly, CEO of Peter Pan Bus Lines, to construct the new facility on 13.4 acres of land in the north end of the city. The two companies have presented an option to buy the Republican newspaper’s headquarters on Main Street, as well as vacant property on the Connecticut River.

The development plan – which falls under the city’s long-term master plan to create new mixed-use retail and housing amenities for residents – is estimated to generate millions in tax revenue and generate more than 1,000 jobs, an initiative being pushed by under Mayor Domenic Sarno. It will be branded as Hollywood Casino Springfield.