Los Angeles city officials said Tuesday that they plan to sell 9 million square feet of unused “air rights” above the Convention Center to developers , who could add the vertical space to build housing projects elsewhere in downtown L.A. that exceed current city growth limits, the Los Angeles times reports.

The move opens up downtown to larger and denser development at a time of growing debate across the region about overdevelopment and traffic congestion.

The developable space above the Convention Center is large enough to build the equivalent of seven 73-story U.S. Bank buildings, and city leaders expect the program to spark a new boom in residential development.

City officials said developers who buy the rights could significantly expand projects beyond what Los Angeles’ zoning allows.

The city intends to sell the air rights for about $20 a square foot , which could be a bargain for developers who would have to spend many times more to buy the equivalent amount of land.

The new program was unveiled Tuesday by Los Angeles leaders and downtown developers who hailed it as a major step in giving downtown the dense urban atmosphere of cities such as New York, Chicago and Vancouver.

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