On August 19, 2007, city leaders and the Cordish Company, developers of 4th Street Live!, announced "Center City", a $442 million, multi-year plan to develop , bounded by Second, Third and Liberty streets and Muhammad Ali Boulevard, that will include new housing, restaurants, a cinema and a boutique hotel. An estimated of floor space being created, including a 15-story structure. As the plan would require $130 million in local and state tax rebates for Cordish, it requires approval from the Louisville Metro Council and Kentucky General Assembly. There is no official start time for the project, as financing is still being secured by the Cordish Company.