The development of Pratt Landing in New Rochelle has been given the green light.

Twining Properties and the City of New Rochelle have granted full site plan approval for its development. Twining Properties says this approval, which concludes the entitlement phase of the project, clears the way for pre-construction demolition, environmental and other site work to begin.

Pratt Landing will transform an almost 11.5-acre industrial waterfront site – formerly home to the Department of Public Works and the Historical Naval Armory.

"For the first time in centuries, residents will have access to the waterfront,” says Mayor Yadira Ramos-Herbert.

Pratt Landing will include four buildings on four new city blocks. The project will consist of 383 rental apartments, 99 condos, a 150-room hotel, more than 40,000 square feet of restaurant and retail space and 845 parking spaces and multiple recreational spaces. The New Rochelle Naval Armory building will also be revitalized and be an event venue and an Armory Veterans Center.

"We've been waiting for it for a long time so we're actually happy that it's coming along,” says Alex Riviev, owner of B & A Barbershop in New Rochelle.

Residents and business owners in the area told News 12 that they’re excited about this project. They’re hoping it’ll bring more people to the area.

"If it's going to bring the area and bring more people and make it better and make the small businesses grow, I think it's going to be awesome,” says Gina, a New Rochelle resident.

Others say they’re looking forward to what Pratt Landing can bring – but have some concerns.

"We have to deal with all of the construction, them digging up areas and things like that which causes a lot of congestion, a lot of traffic,” says Nikki Boahene, a New Rochelle resident.

City officials say the next steps are to close on the land and then begin environmental remediation and demolition of the existing buildings at the site.

They say construction could take about five years.