The site, known as East River, will be similar to projects like City Centre at I-10 and the West Sam Houston Tollway.
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The video above is from previous reporting.
The new, multi-million dollar development will be a mix of retail, living spaces and offices with access to walking trails along Buffalo Bayou.
Thursday's groundbreaking kicks off the first of four phases of a project designed to bring a flurry of activity to the area.
"We are really focused on creating a very walkable, inviting, outdoor environment in all our project. There will also be 360 multi-family units," Anna Deans with Houston-based developers Midway said in May.
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East River will be designed to offer incredible views of downtown, planners said.
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The development is in Fifth Ward across the bayou from Minute Maid Park, bordered by Jensen Drive to the east, Clinton Drive to the north, and Buffalo Bayou to the south.
Of course, if you build by the bayou, people are going to wonder about the potential for flooding.
Developers say the area did not flood during Hurricane Harvey, and they've worked with local and federal officials to make sure the project does not suffer from future rain events.
"We are very fortunate. While it seems counterintuitive being located on the bayou, it is actually high and dry," said Deans.
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The entire project will take several years to complete.