Quincy, MA Quincy city officials and LBC Boston executives took sledge hammers to the 1500 Hancock St. block to officially begin its demolition and construction of a new, modern, commercial and residential property for the city’s downtown.

In remarks before a standing room only crowd of city officeholders, administrators, construction workers and LBC executives and friends, mayor Thomas Koch said this portion of the downtown area had been in decline for decades. But no more. “Combined with other projects we have going, the revitalization is happening,” he said. “It’s really happening.”

The mayor and three LBC executives donned construction helmets, goggles and, armed with gold plated sledge hammers, took the first official demolishing blows to the buildings. Full-fledged demolition begins immediately after final permits are issued.

“This is a humungous milestone for us and for the city,” said Alex Matov, LBC managing partner. “It’s been two years of getting ready for this day and in two years there will be a beautiful new building standing here.”

LBC officials estimate construction of the $40 million project will take two years and create 153,000 sq. ft. of commercial and residential space. The mixed-use seven-story building includes retail, restaurants, residential, and a 24-hour galleria. The galleria will connect Hancock St. and the main parking area with an all-weather space with seating, art, and kiosks.

“This will really enliven the downtown area with taste and design that reflects a city moving forward and creating other tasteful, habitable space for commercial and residential interests,” said Aiv Shoss, principal of SN Consulting Group, the lead architect on the project.