After three years of negotiations, a $1.28 billion redevelopment of Quincy Center has been approved by the city council, which marks the largest private investment in Quincy’s history.

Quincy Mayor Thomas Koch and the city’s private development partners, Street-Works Development LLC, said they believe this major redevelopment "could become the new model for urban redevelopment projects across Massachusetts," according to a statement.

The project will include more than 1 million square feet of new office space, more than 700 housing units, two hotels, a cinema and entertainment complex, public parking facilities with 3,500 spaces and 570,000 square feet of new retail and restaurant space in Quincy Center.

"This is an unprecedented opportunity and a private-public partnership in the truest sense that will make Quincy the economic engine for the entire region in the years to come," said Koch. "Most importantly, this historic agreement protects our taxpayers."

The financing for Quincy’s downtown redevelopment will require revenue from the new private development to pay for $227 million in public infrastructure costs, according to a statement.

"We do not borrow any money until the project is producing revenue, and no money from our general fund or any increased property taxes on our homeowners will go toward this project," Koch added. "The financing is entirely project-based."

Quincy will purchase the public infrastructure, including parking garages, from Street-Works when new buildings are occupied and producing enough revenue to cover the city’s debt costs, according to a statement.

"[This] is a huge milestone for this project, bringing us one step closer to the realization of the New Quincy Center." said Ken Narva, co-founder and managing partner of Street-Works. "Through the years of hard work with the city and the councilors, together we are ensuring Quincy is poised to grow and thrive for future generations."

The project is expected to create 4,100 construction jobs and 5,700 permanent jobs.