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The biggest commercial development in New Haven’s recent history is officially underway, despite the failing economy.

The tower planned for 360 State Street in the Elm City will be 30 storys high, and it's estimated it will cost $180 million to build.

Work was already underway on the foundations of the project, but Monday marked the official groundbreaking.  The development will be anchored by a major grocery store, and will include 500 apartments, a childcare center and several levels of parking.  While most of the cash comes from the private sector, ten percent has come from the public purse, including contributions from the state and from the New Haven Housing Authority – that means there will be 50 affordable housing units in the project. 

It’s estimated the tower will be open for business in mid 2010, and the developers say they’re confident there will be plenty of demand for downtown housing.