Construction work has begun on a new shopping centre on the site of a former Sheffield steelworks.
The £42-million Fox Valley scheme in Stocksbridge should be ready in spring 2016 and could create up to 900 jobs.
Construction firm Henry Boot has begun work on the main retail and office buildings on the 28-acre site.
To celebrate the milestone, pupils from Stocksbridge Junior School were due to bury a time capsule, containing information about life in Stocksbridge and the history of the area, at the site today.
Hundreds of balloons will also be released to celebrate the start of the building work, which will create 25 new retail units, cafés, restaurants offices and 114 homes.
The development is being delivered by Barnsley-based Dransfield Properties.
Mark Dransfield, managing director of the firm, said: “It’s great for everyone involved in the project to see the development reach this stage.
“A great deal of hard work has gone into getting to this point and to see that come to fruition and start to take shape is fantastic.
“This is an important scheme for this part of Sheffield – we are not only bringing jobs and investment, but effectively a new town centre.”
Coun Leigh Bramall, Sheffield Council cabinet member for business, said: “It is fantastic to see this important milestone marked for a development that will bring hundreds of new jobs.”