The City of New Haven will kick in six million dollars to demolish the coliseum. In return, the state comes up with $180 million. $10 million for parking, $30 million for a New Long Wharf Theatre, and $140 million for a new Gateway Community College nearby.

This means thousands of new spenders in the city.

"It will bring more people into the downtown," says Bhomi Desai, Owner of Coliseum News. "That will absolutely help out the business."

The Long Wharf Theatre and eventual hotel will be put in place of the Coliseum, and tearing down the old Macy's building will make way for Gateway.

"We own the land. That's most important to making this happen," says Henry Fernandez of the city's Department of Economic Development.

The coliseum will be imploded and disassembled. It could take a year. But get this: the city will sell the scrap metal to help cover the cost of bringing it down.

At Kelly's Cobbler, the price for more foot traffic near the store seems well worth it.

"More people the merrier," says Papken Mahserejian. "It will be better for everybody."

Demolition of the coliseum is not expected for about nine months, and clearing the site could take another year. City leaders expect Gateway and the new Long Wharf Theatre to be ready in 2009.