Co-op City residents are beginning to see a lot of changes in their area.

The RiverBay Corporation says major renovations are being made thanks to a $480 million loan. Construction has already begun on a 40-megawatt tri-generation power facility. According to RiverBay, the facility, which will be completed in November, will make Co-op City entirely self-sufficient for its energy.

RiverBay said all buildings will get stronger and safer balconies, and new, modernized elevators. In addition, 12 new roofs and 135,000 windows will be installed.

One resident said due to the renovations, his rent will increase $200. However, he said he doesn?t mind because in the 20 years he has lived in Co-op City, this is the first time he?s seen major renovations.