LATHAM, N.Y. — For decades, Starlite Theater in Latham hosted some of the world's biggest names in entertainment. But the theater shut down 20 years ago, and the land it occupied has sat idle ever since -- until Monday.

Monday morning, the shovels were out at the former Starlite Theater site for a groundbreaking ceremony hosted by Galesi Group and the financial counseling firm Ayco. Phase one, a near-$50 million project, includes the construction of a 150,000-square foot office building, which Galesi is leasing to the Saratoga-based firm.

Starlite was demolished in 2012 and was known for hosting countless famous musicians and bands. Galesi Group President David Buicko tells Spectrum News that the Latham site was perfect for the project because of its centralized location and proximity to major Capital Region cities.

Although Galesi isn’t building a theatre, Buicko says the development will still bring the community together.

“We've seen that with Mohawk Harbor in Schenectady. It created a sense of enthusiasm, it created a sense of people coming here, so from that standpoint, it’ll lead to other development," said Buicko.