The Jacksonville Transportation Authority was founded in 1971 and is an independent state agency. The Kings Avenue Station, which broke ground in 2008, is the first planned transit-oriented development project in Jacksonville. The $60 million development plans to include two 8-story hotels and mixed-use developments that will feature residential, retail, and restaurants. The area is expected to have an urban design within two walkable city blocks. Other transit-oriented development project sites in the pipeline, include the Bay Street Station, Laura Street, and 200 Riverside. The agency held $649 million in assets and generated revenue of $126 million in 2010.