SAN FRANCISCO (KCBS)—A ceremonial groundbreaking was held Wednesday in San Francisco for the 61-story Transbay Tower at First and Mission Streets. It will be the tallest building on the West Coast and will serve as the focal point of the new transit hub under construction.

As he accepted a check on the site for more than $192 million from developer Boston Properties, Mayor Ed Lee said it symbolizes the great confidence investors have in San Francisco.

READ MORE: 1 Dead, 2 Injured In Separate Falls During Phish Concert At Chase Center

“When this transit tower is complete it will have the impact of transforming the city skyline with the tallest structure west of the Mississippi,” said Lee.

Supervisor Jane Kim is chair of the Transbay Joint Powers Authority, which is responsible for the record land sale transaction.

READ MORE: UPDATE: Alameda Businesses Fight Back Against Serial ADA Lawsuit Filer

She said the nearly 1,100 foot-tall tower and new Transbay Terminal will help build a complete South of Market neighborhood with more walkable areas, open space and places to work and live.

“30 percent of which will be affordable for our residents here in San Francisco, which will ensure a diverse community in this part of downtown,” Kim said.

Construction on the new tower is set to start this summer, with completion expected in 2016 – just before the new transit hub opens.

MORE NEWS: UPDATE: Cal Fire Officials Discuss How Controlled Burn Erupted Into Estrada Fire

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)