The city of Charlottesville is celebrating a major economic development project Thursday night. The Chartered Financial Analyst (CFA) Institute is moving into the old Martha Jefferson Hospital and CFA plans on adding more jobs in the process.

This has been a project long in the making for all of the parties involved - CFA, the city of Charlottesville and the governor's office. This move into the old Martha Jefferson is just the beginning for even more development.

CFA Chief Administrative Officer Tim McLaughlin stated, "We remain committed to Charlottesville and out board remained committed to Charlottesville for financial and operational and corporate citizenship reasons."

The move brings an Albemarle County business and its taxes into the city and anchors the old hospital campus.

"There will be other tenants added along the way," said Charlottesville Mayor Dave Norris.

CFA will spend $24.5 million to redevelop the building. The state is also chipping in a $200,000 grant from the Governor's Opportunity Fund. The city will match that money.

"We'll recoup that money in a very short time in terms of the new tax revenue and as well as the local tax revenue that will come in from that investment," said Governor Bob McDonnell (R).

The investment also creates at least 45 new jobs. The official move does not happen until spring 2013. CFA is completely renovating the hospital.

"We're going to strip it down to just the concrete slabs on each floor, we're going to give it a new skin," explained McLaughlin.

Green friendly upgrades are also in the plans for the global operations center.

CFA is working closely with its developer, Octagon, for this renovation. It's getting ready to select its general contractor and that too could create more jobs.