A vacant, former K-Mart store in South Side is being transformed into a $30 million center for betting on horse racing called Rosie’s.

Mayor Levar M. Stoney and 9th District City Councilman Michael J. Jones joined officials from Chicago-based Revolutionary Racing to break ground Wednesday to redevelop the building into Rosie’s, an off-track betting site.

Rosie’s is projected to generate 200 new jobs and attract more than 1 million vehicles and more than 2 million people annually.

Ahead of this week’s ceremony at 6807 Midlothian Turnpike, company chairman Larry Lucas told a community meeting that work is to start on Thursday, with expectations that it would open by June.

The company, which also has purchased and is working to reopen the Colonial Downs racetrack in New Kent County, plans to file an application next month with the Virginia Racing Commission for permission to operate Rosie’s, Mr. Lucas said.

He and his staff said the available jobs would pay an average of about $11 an hour, with top priority being placed on hiring Richmond residents, in particular those living in the 9th District.

The company plans to accept online applications and hold job fairs next year in order to have all employees on board and fully trained ahead of the opening.

Mr. Lucas said the construction work would first focus on remodeling the 50,000 square feet that Rosie’s would occupy. He said that involves a $30 million investment. To ensure patron security, he said there would be dozens of cameras inside and outside the building, along with security guards.

He said the company later would invest another $10 million to remodel the rest of the 140,000-square-foot building for other uses.

He said Revolutionary Racing is hoping to attract other businesses that could lease some or all of the remaining 90,000 square feet. He said there is room for a possible grocery store or for other retail or business operations.

Previously, Richmond had two off-track betting sites when another group owned Colonial Downs, but those have closed.

The Richmond outlet would be one of several off-site betting centers that Revolutionary Racing plans to develop. The first is to open next spring at the New Kent County racetrack.

Revolutionary Racing hopes to restart live racing at the track in the fall of 2019.