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It's hard to believe that with its views, a southern stretch of the waterfront in Long Island City, Queens has sat vacant so long. Now, with the start of construction underway, that’s about to change.

“This is one of the great development opportunities in the city. The views are spectacular. The transportation is first-class. No matter where you work, you can get in the city very quickly. It is an area that just cried out for development," said Mayor Michael Bloomberg.

It’s land once envisioned as an Olympic Village under the city’s failed bid to host the 2012 summer games. Now, under a public-private partnership, it will become a mixed-use development with 5,000 housing units, shops and restaurants, a new school and 11 acres of new waterfront parkland.

"This area was just a deserted factory manufacturing area. And now it’s going to be a beautiful haven for more than 9,000 families," said Queens Borough President Helen Marshall.

Officials are touting the project as a middle-class haven, within reach for the families of teachers and firefighters. Of the 900 units built in phase one, 75 percent will be affordable.

“There will be units that are affordable to families living below 50 percent of median income, which for New York City, for a family of four, is about $50,000 a year," said Housing Commissioner Rafael Cestero.

"All of the rents will be below the current market rent that you see for buildings that exist in the neighborhood currently," said Phipps Houses President & CEO Adam Weinstein.

The city owns the land and is investing $130 million in phase one of the project, including infrastructure work like sewers and sidewalks, with the first 900 apartments scheduled for completion in 2014. They're expected to be filled through a public lottery process.