BUFFALO, NY ( WKBW ) 260 acres of land just two miles south of downtown Buffalo could be the next big development in the City of Buffalo.

The Buffalo Urban Development Corporation received approval from their Board of Governors giving the green light to move forward with the project.

While it will be several years away from completion, development of what is being called "RiverBend" on the old Republic Steel site in South Buffalo would call for over 3 million square feet of buildings that can range from light industrial to office space, and a hotel.

"We're a so called dying area, and if you don't invest in your future you will die. I think this is important and can produce a product that will make the whole area and that's why I think this is important regionally," says David Stebbins, Vice President of the Buffalo Urban Development Corporation.

"We think given the plan that we have for the site, given the sustainable development and the infrastructure model that we have here it is something that will be attractive to companies."

A full build out to the plan could take more than 30 years, but work is well underway with infrastructure improvements.

The Buffalo Niagara Enterprise, who is marketing the site, say they have received some interest in the property.