VIRGINIA BEACH, Va. (WVEC) -- As more shops and residential complexes pop up around Town Center, Marriott is looking to take advantage of all the development.

There are plans to build a $24 million Residence Inn by Marriott at 4401 Bonney Road.

The 100,000 square-foot building will be housed on a two-acre site with 120 hotel rooms.

Groundbreaking is scheduled for next week and the development is expected to be completed by October 2018.

“This is a substantial investment in Town Center and adds another high-quality project to this thriving area,” said Virginia Beach Economic Development Director Warren Harris. “We thank Coastal Hospitality for their continued investment and confidence in Virginia Beach.”

Hotel management company Coastal Hospitality chose the Town Center location because of its strong economic growth.

"Town Center started as a small couple blocks-- there really was anything here 10-15 years ago. Since then you've seen it expand out to include a lot of diff business parks," Coastal Hospitality Area Director of Operations Russell Lyons said.

The hotel is part of a much larger vision to make Town Center a bustling downtown.

"We certainly want to continue to maintain the mixed-use opportunities that you see here -- stack different uses on top of each other, whether it's ground floor retail, whether it's office or residential above it, but to create more of a dense, core city that becomes truly Virginia Beach's downtown," Harris said.