Springfield has seen 400-million dollars in new projects in the last year.
That number was shared by Chief Development Officer Kevin Kennedy at his annual economic development address.
Kennedy said the city is currently home to more than four-billion dollars' worth of construction projects, both public and private.
An announcement made at yesterday's presentation indicated the Pioneer Valley Hotel Group, a developer, is negotiating with the Springfield Redevelopment Authority to offer a 130-room hotel and rock-climbing and skydiving at the former jail facility property on York Street.
Officials say the developers were looking at making a deal sooner than this year but the property was being used as the staging area for the viaduct project and other projects in the area.