Shanghai — — The world’s most populous city has become a hub for construction of the world’s biggest supertall skyscraper, China’s state news agency Xinhua reported.

The 3,300-foot (1,100-meter) skyscraper is set to open in the heart of Shanghai’s downtown area in 2019, with a total of 5,000 jobs being created, Xinhua said.

Construction began in February on the tower, which is part of a larger project that also includes a new office building and a residential complex, the news agency said.

The skyscraper will also be the tallest in the world, according to construction company Zhongguan Group.

The massive project was built with $100 million from the government, $30 million from China’s Export-Import Bank and $25 million from private investors.

The building is also the world second-tallest building after a proposed 7.1-million-square-meter (25,000-square foot) apartment complex in New York, according a report from the U.S. real estate website Zillow.

The new project is the second-biggest project in the Chinese capital, behind the world-record 1.4-billion-square feet (1.4 million-square meter) Grand Central Station, according Zillows.

The project was initially planned to cost $400 million.

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