A long-awaited affordable housing development in Soundview has reached a major milestone.

City leaders and developers gathered Tuesday to cut the ribbon on the first phase of Stevenson Square, a $1 billion project aimed at transforming underused land into affordable housing and community space.

The first phase includes 58 new co-op units across two buildings and 117 affordable apartments for older adults.

In addition to housing, the development features amenities including a fitness room, on-site laundry facilities, parking and services designed to support senior residents.

Developers say Stevenson Square will ultimately reshape the area with new housing, open space and community resources as construction continues over the coming years.

The full development is expected to be completed within the next decade.