LATHAM, N.Y. -- A vacant lot that was once home to the StarLite Music Theater could soon be transformed.

The Colonie town planning board met Tuesday night to discuss a proposal for a multi-million dollar project. A developer presented a plan to build a 150,000 square foot office building. 

With that they are hoping to build a connector road linking Route 9 and 9R.

Ayco has announced it will be leasing the building if the project is approved. The Goldman Sachs company says it intends to bring at least 160 new jobs to the region by 2021.

"To locate their headquarters here versus anywhere else is the country, I think it is indicative of how competitive the Capital District is, the town of Colonie is, and New York State is," said David Buicko, Galesi Group President and CEO.

Developers are hoping to get all the approvals and permits by May.