CANTON, Ohio -- There's good news today for the regional economy.

The mayor of Canton on Thursday announced a $178 million deal that is expected to bring hundreds of jobs to the city.

The project is being done at the old Hercules Engine manufacturing facility, just south of downtown.

Of the $178 million cost, more than $36 million is coming from a state tax credit program.

Many of the current buildings at the Hercules site will remain and be part of the new project, which is centered around an exhibition space.

"We've suffered over the past many years of declining jobs, companies leaving the area, factories closing down and it's hurt and we've been a depressed area," said Mayor William Healy II. "This is an opportunity for us to have some new life and new growth to the community -- not just the project alone but what it represents is a turnaround."

The project will not only have 100,000 square feet of exhibition space, but will also have office space, retail space and about 150 residential units.

Bob Timken's Broadview Developments will develop the project.

It will bring hundreds of construction jobs as well as jobs that would be created by the companies that occupy the space.