Community leaders celebrated the formal launch of a $36 million, six-story luxury condominium and retail unit.

The Regas Square development located off 222 West Depot Avenue is slated to hold 101 condominiums on top of restaurants and retail space.

Mayor Madeline Rogero said the project will bring a lot to the downtown sector.

"Regas Square not only represents the most significant residential and retail investment Knoxville has seen in years, it also will further enhance our thriving downtown and promote a vibrant local economy," Rogero said.

Knox County Mayor Tim Burchett said he was happy the project get underway.

"A lot of us have fond memories of the old Regas Restaurant, and it's good to know we will have the opportunity to create some new memories here," Burchett said. "This development will boost our local economy and is further proof that our downtown is a great place to be."