CHICAGO (WLS) — On Thursday, city officials are scheduled to vote on a transformative development initiative aimed at revitalizing the downtown area.

The ambitious plan seeks to enhance business opportunities, transportation networks, and entertainment options over the coming two decades.

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This venture is anticipated to inject over $43 billion into downtown through construction and development projects.

Under the proposal named the Central Area Plan 2045, the focus will be on a 7.4 square mile region in Chicago’s downtown, touted as the nation’s most rapidly expanding urban core.

Key elements of the plan include the development of additional housing and entertainment venues, the introduction of a future CTA Madison Pink Line station on the Near West Side, and the establishment of a new office dedicated to nighttime activities to invigorate Chicago’s after-dark scene. Moreover, the plan aims to transform vacant and underused properties downtown to support more than 100 million square feet of new construction, ultimately aiming to generate over 50,000 jobs.

The Central Area Plan 2045 will be heard Thursday afternoon during the Chicago Plan Commission meeting.