In March 1979, the New York State Legislature approved a plan to allocate $375 million toward the construction of the convention center near the Penn Central yard. The next month, the architectural firm I. M. Pei and Partners was selected to build the New York Convention and Exhibition Center, as it was called at that time. Immediately after the center's construction was announced, real estate prices in the area increased. Properties that previously had trouble selling suddenly had several potential buyers, spurring real estate speculation. Designs for the center were revealed in December 1979. In March 1980, a few squatters on the site were evicted so the site's structures could be demolished to make room for the New York Convention Center. The ground-breaking ceremony for the center was held on June 18 of that year. In October 1980, the MTA issued $100 million in bonds to pay for the center's construction.