The Boulevard, a mixed-use development on Coleman Boulevard in Mount Pleasant, officially opened Thursday.

The four-story development has been dubbed a major piece in the efforts to transform one of the town’s major thoroughfares into a vibrant main street.

Town officials and several members of development firm The Beach Co. held a ribbon-cutting ceremony to officially mark the opening of the $40 million, 5.95-acre project along Coleman Boulevard, near Pherigo Street.

Officials touted the development as a significant piece of the puzzle in the revitalization efforts of Coleman Boulevard.

“This gets people living on Coleman Boulevard. They can now walk to a restaurant, to the store and even public transposition with a CARTA stop out front,” said Dan Doyle, The Beach Co. vice president of development. “This is more than just another new development. This is realization of a plan ... This gets a walkable, livable environment on Coleman Boulevard.”

The Coleman Boulevard Revitalization Project was unveiled in 2008 and includes changes such as on-street parking, lower speed limits and improved bicycle access. The changes are being implemented in various phases.

The busy roadway has also added more retailers, including the high-profile grocer Southern Season at the former Food Lion space across from The Boulevard.

The Boulevard is composed of three four-story buildings to house a total of 325 upscale urban residential apartments, which range from $975 to $2,600 per month. The project also includes about 15,000 square feet of first floor space for the leasing office and street-level retail and restaurants. The list of retailers so far has included Stox Salon and Day Spa and Maverick Southern Kitchens.