(CNN) -- High in the hills between Ramallah and Nablus in the West Bank sits a huge construction site its developers hope will transform the lives of Palestinians for generations to come. Rawabi is the first planned city of its kind and is not short on ambition. The renderings for the $1 billion development show many shiny amenities that might seem out of place in an area that has a per capita income of $1,610. The vision for the project that began construction in January 2010 includes homes for 40,000 residents, a park, a 20,000-seat amphitheater, a convention center and a theater.
@highlight
Rawabi is the largest privately-funded development project in Palestinian history
@highlight
The finished project will include homes for 40,000 residents, a convention center and three schools
@highlight
Its construction provides 5,000 jobs, and there are hopes it will provide more after tenants move in
@highlight
The project could lift the economy, but some say it won't change the region's geo-political instability
"A little downtrend in politics will hurt Rawabi, but never destroy @placeholder," he says.