Residents will start moving into the new Woodward's building in just a couple of months, and the finishing touches on it are set to be completed in November.

The buildings at the 100 block of West Hastings Street in Vancouver will contain brand-new condos with top-of-the-line fixtures and appliances, as well as 200 units of affordable housing for low-income earners.

Simon Fraser University will also have classrooms in the building and new stores will open there as well.

If there's anyone who can be said to have fathered this development, it's former city councilor Jim Green, who has been a strong advocate for Vancouver's Downtown Eastside over the past few decades.

"I'm very proud. Maybe a proud grandpapa," said Green at a press conference.

He was all smiles as he celebrated the new building.

"I guess what I could say is: Yahoo! It's fabulous. It's more than I ever dreamed of," said Green.

The roof of one of the luxury condo buildings has stunning views and a hot tub in the shape of a W.

But the road to these new condos has been a long one.

After years of neglect, the abandoned building had become home to many squatters.

In 2002, it became the scene of controversial raids; police in riot gear forcefully evicted the people squatting there.

The City of Vancouver was determined to re-develop the building, and after several road-blocks, the building was bought from the province in 2003 for $5.5 million.

Soon after, the old building was demolished and construction began.

Now, some people -- including local NDP MLA Jenny Kwan -- hope that the Woodward's complex will revitalize the area.

"It's people's goodwill and wanting to see the project work, that's the essence of it, and that's why I think it's going to work," said Kwan

Local store owner James Weightman spent $20,000 on a new cooler and ice cream fridge. He's hoping that Woodward's will transform the area.

"Absolutely, I've been waiting for this a long time," he said.

And with the completion date nearing, construction workers are facing the next step,

"The next exciting phase is what are we going to do with it. We're not going to leave it. We're going to build this project to keep," said An Gillespie, one of the builders.

It's to soon to tell exactly what kind of impact this project will have to the impoverished Downtown Eastside, but in just a couple of months, people will start moving in.

With a report by CTV British Columbia's St. John Alexander.