ROCKFORD, Ill. (WIFR) -- As more and more businesses continue to open up in the downtown Rockford area, we could soon see the groundbreaking of another hotel within the next couple of months.

The hotel will take the place of the Millennium Center in the 200 block of South Madison Street. The hotel's developer, Peter Provenzano says a financing package is in the process of being finalized and hopes to break ground this fall. Provenzano says the downtown area has recently seen an increase in traffic and wants to create another place to draw people to downtown.

“We see people running on a daily basis, jogging, on the west side we didn't often see that and we're starting to see sort of the day time foot traffic evolve in all of downtown and that's real exciting to witness,” said Chairman of the Rock River Development Partnership Peter Provenzano.

The nearly $10 million project is expected to house 47 rooms, a restaurant and an athletic facility.