Denver's City Council approved two measures on Monday, advancing plans for a new equestrian center and hotel at the National Western Complex, the site of the popular National Western Stock Show each year.

The decision came after multiple delays in voting, and it marks a significant step in a redevelopment effort that could cost more than $800 million over the coming decades. The expansion is expected to grow the campus's capacity for year-round programming with a new 4,500-seat equestrian center, 160-room hotel, income-restricted workforce housing, and a parking garage.

The funds were set aside in a voter-approved measure in 2015, when about 65% of voters backed the investment.

Over the course of 16 days every January, the stock show brings in hundreds of thousands of visitors. Advocates say the equestrian center is part of a larger effort to transform the National Western Complex into a year-round destination.

"There is no more cherished tradition in Denver than the Stock Show," Denver Mayor Mike Johnston said in a statement.

"Today, we are further committing to carrying that feeling throughout the rest of the year with events, entertainment, and a renewed dedication to putting people to work and improving the lives of neighbors through sustained -- and lasting -- trust and partnership."

"The new equestrian center will provide year-round opportunities to attract not only equine enthusiasts but also some of the nation's most prestigious horse shows to Denver," said Wes Allison, president and CEO of the National Western Stock Show. "It will solidify Denver's reputation as a premier destination with state-of-the-art facilities designed to serve the industry and community for generations to come."

But neighbors have concerns about the scope, cost, and impact on the surrounding neighborhoods.

Alfonso Espino lives near the complex and spoke to CBS News Colorado last month about his concerns about the expansion.

"We didn't always not have a grocery store. We didn't always not have sidewalks. These are things that have been taken from us, and these are things that could be returned and built here again," he said at the time. "If you compare what we've been able to gather from that so far, it's like not even a drop in the bucket when you're talking about billions of dollars in investment into these facilities through public dollars."

Construction on the project is expected to start in the fall and will likely take 2 to 3 years to complete. You can read more about the plans on the .