Bridgeport has unveiled its remediation plans for the Majestic and Poli theaters in the city's downtown as part of a revitalization effort.

Asbestos abatement has begun on the properties which is the first phase before any physical construction can be done to the theaters.

The revitalization plan includes transforming the Majestic Theater into a hotel and the turning the Poli Theater next door into a performing arts center.

According to the Office of Planning and Economic Development for Bridgeport, the theater has been around since the 1920's and has been vacant for the last 40 years.

The project, which is privately funded by Exact Capital, will cost $400 million - $56 million will go toward the converted hotel.

More information about which hotel will be a part of the project is expected to be announced by the end of the year.