CHARLOTTESVILLE, Va. (WVIR) - On Monday, the developers announced Jaffray Woodriff is now managing the development of the Center of Developing Entrepreneurs.

The redevelopment of the Main Street Arena is now expected to include a 200-seat auditorium and a courtyard with food stalls.

The center is expected to house nine floors of commercial office space and include additional co-work space and other amenities.

Construction on the approximately 160,000 square foot facility is expected to begin summer of 2018.

Press Release from the Center for Developing Entrepreneurs:

Tim Miano, SP@CE, and Jaffray Woodriff are pleased to announce the successful handoff of the Center Of Developing Entrepreneurs (CODE) in Charlottesville, VA. Co-founded and originally developed by SP@CE over a 3-year period, the approximately 160,000 sq. ft. redevelopment of the Main Street Arena and adjacent real estate will consist of nine floors of commercial office space available to both established and early stage businesses. In addition to the commercial office space, the project will include approximately 15,000 square feet of co-work space on the first and second floors, a 200 seat auditorium and a courtyard with various food stalls.

Founded in June 2014, SP@CE's mission was to create large-scale innovation infrastructure to help Charlottesville's technology, creative, and entrepreneur sectors thrive. In November 2015, Jaffray Woodriff joined with SP@CE, and the combination of Miano's founding vision and Woodriff's financial contributions and thought leadership transformed SP@CE's mission into reality. A product of more than three years of passionate and dedicated efforts, the project has received invaluable support and encouragement from more than 50 community members and local leaders.

Miano and Woodriff are grateful for the overwhelming community support they have received, and Mr. Woodriff looks forward to continue working with the city and its leadership to finalize the project, as it will provide a world-class office building that will add value to the Charlottesville business community, the downtown mall, and the entire Charlottesville area.

For more information, please contact Susan Payne, Blue Ridge Group at 439-977-7607.