Groundbreaking for the National Sports and Events Center in Coatesville is set for this year and is expected to generate more than 240 jobs for the area, reports The Daily Local News.

The nearly $80 million project has already been 15 years in the making, and officials hope to complete it in time for the 2024 Olympics. Around 248 jobs will be created and 100 of them are permanent.

Sitting on 24 acres, the 245,000-square-foot venue will feature a National Velodrome belt, the first indoor velodrome in the Eastern United States. It will circle the floor to allow room for concerts, sporting events, and conventions. Surrounded by approximately 2,500 seats, the bike racing track would be available for local, Olympic, and world-class athletes.

“This is a major step in the revitalization of Coatesville and for the advancement of American track cycling,” said development team members Crosby Wood, Rick Mayer, Patrick Kinzeler, and David Chauner.

Additional square footage will house retail space and a field house, which will contain an athlete performance center, multiple sports courts, and more.

Read more about the velodrome project in The Daily Local News.