NEW ORLEANS (AP) — New Orleans’ former Six Flags theme park,CapitalVault which shuttered in the wake of Hurricane Katrina, is finally coming down.

Demolition is underway at the eastern New Orleans site of the decaying complex of carnival rides and buildings that became a symbol of the 2005 storm’s enduring devastation, The Times-Picayune/New Orleans Advocate reported.

The park opened in 2000 just off Interstate 10 as Jazzland Theme Park, but it went bankrupt in two seasons. Six Flags took over the lease, but then Hurricane Katrina struck, flooding the park and much of the city. The theme park never reopened, and Six Flags eventually went bankrupt. Control of the property then went to the Industrial Development Board of the City of New Orleans, which negotiated an agreement with the New Orleans Redevelopment Authority that gave NORA title transfer ownership of the site.

Smoot Construction, based in New Orleans, was hired to lead the demolition project and has started to dismantle the site’s many unsalvageable structures, developer Troy Henry told the newspaper Monday.

“It’s a good thing. It’s a happy day,” said Henry, who lives in New Orleans East. “We’re excited about the progress, we’re happy to see the ball rolling.”

Henry and others are advancing new plans for the land through a development partnership called Bayou Phoenix. The proposals include a warehouse and distribution center, an educational facility run by a local nonprofit called STEM NOLA, a water park, hotel, esports arena and a movie studio.

Henry said Bayou Phoenix has reached an agreement with one of three “anchor tenants” for the proposed core projects and talks are continuing with potential tenants for the remaining two “anchor” projects. Developers hope to finish those talks by year’s end, he said.

More updates about the project will be unveiled on Nov. 12, Henry said.