RICHMOND, Va. -- A nearly nine-figure project that’ll transform a large chunk of Arthur Ashe Boulevard is officially underway, and it may soon be joined by another.

Earlier last week Level 2 Development and SJG Properties held a groundbreaking ceremony for The Ace, an eight-story, $98 million mixed-use project at 1117-1201 N. Arthur Ashe Blvd.

The Ace is planned to include 295 apartments above 13,000 square feet of ground-floor commercial space fronting the boulevard. A 296-space podium parking deck is also planned for the development, which will span over three acres.