Big money is now funding a Hunts Point construction project that promises new jobs and homes.

The Peninsula Project promises to help the Hunts Point community flourish, and now the project has the funding to support the cause .

"They are taking bad memories, bad institution, tearing them down and creating jobs and hopes and dreams for our community and especially our youth," says Borough President Ruben Diaz Jr.

The New York City Economic Development Corporation gave a $15 million grant to the project along with a $3 million loan.

Newly released renderings of the project at the site of the old Spoffard Juvenile Detention Center show the affordable housing, greenery and retail space that the new project will offer. 

News 12 is told the construction of the building itself will bring at least 1,000 construction jobs to the area. 

Eric Clement is the senior vice president of NYCEDC. He tells News 12 that this project keeps Bronx natives in the Bronx.

"What we wanted to do was make sure, given all the other development that is going to take place in the Bronx, there was at least one area that we can control, so that we can make sure we can keep rents low for everyone so that we can make sure that people that are living in the community can stay in the community," says Clement.

Along with construction jobs, the new community will offer over 300 permanent jobs, according to Clement.