Mayor Bloomberg made a speech announcing the beginning of tunneling for the 1.5 mile No. 7 subway line expansion at 26th Street and 11th Avenue. The project is a key component of Bloomberg’s plan to create a far West Side district with office space, hotels, and residential development. Although the massive holes that have been borne in Chelsea for the tunnels appear to be a clear sign that the project will move forward, funding issues still exists. During his announcement the Mayor also encouraged developers to start building again.