Work begins for new Pier 17

Work began Thursday on the South Street Seaport's biggest makeover.

Mayor Michael Bloomberg joined downtown residents, business leaders and developers for the ground breaking of the "new" Pier 17.

The shopping center, which closed earlier this month after 28 years of operation, will be transformed into a state-of-the-art commercial hot spot with entertainment, restaurants and bars.

The mayor called the development a major boost for the neighborhood, which is still recovering from the damage of Superstorm Sandy.

"The best days are still to come for the seaport," Bloomberg said.

The revamped Pier 17 is slated to open in 2015. The $200 million project is expected to create 500 construction jobs and 400 permanent jobs.