NEW YORK (CBSNewYork) -- The New York City skyline is getting a new addition.
A groundbreaking ceremony was held Tuesday in midtown Manhattan for what will be the city's second tallest tower.
One Vanderbilt Avenue will stand 1,401-feet tall.
"With a distinctive crown and tapered form, One Vanderbilt will elegantly punctuate and celebrate our storied skyline," developer SL Green's CEO Mark Holiday said. "We can't wait to take this site to new heights, literally."
Construction of the 58-story skyscraper next to Grand Central Terminal is expected to be completed in the fall of 2020. The building will feature column-free floors and offer 1.7 million square feet of office space.
The owners have pledged $220 million to build a new transit hall with connections to Grand Central and East Side Access, to completely rebuild the 4, 5 and 6 subway line platforms in Grand Central and to construct a 14,000-square foot pedestrian plaza between 43rd and 44th streets on Vanderbilt Avenue, WCBS 880's Rich Lamb reported.
"More trains will be able to pass more quickly during the rush and as a result people will be able to get home without the same sorts of hassles that we experience every day," City Councilman Dan Garodnick said.
Mayor Bill de Blasio said the upgrades will make a "huge impact" on the lives of New Yorkers, particularly straphangers.
"This new office building, transit upgrades at Grand Central, and expanded pedestrian space are what I call smart growth," de Blasio said.
Rep. Carolyn Maloney said the new building "will revolutionize the way we use Grand Central Terminal and midtown."
"It's gratifying to be breaking ground not just on this building, but on what it represents: a massive investment in our transit and pedestrian infrastructure, and a first step toward the future of East Midtown," said Manhattan Borough President Gale Brewer.
TD Bank has signed on as the anchor tenant and will occupy about 200,000 square-feet of office and retail space.
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