ATLANTA — The next phase to transform the old Gulch in downtown Atlanta is moving forward.

The city’s economic development agency approved the funding for Centennial Yards on Thursday.

It comes from the approved sale of roughly $557 million in bonds to support the construction.

The Centennial Yards project began nearly six years ago and remains one of the largest projects in Atlanta’s history.

This project will transform the area next to State Farm Arena and Mercedes-Benz Stadium into an entertainment district.

Project leaders say it will transform 50 acres of rail lines and cost $5 billion.

It would include 3,000 apartments, several hotels, and office space.

The newly sold bonds will generate revenue for the next 8-acre phase including four buildings and a fan zone.