For years it sat as empty office space, but now a prime location in downtown Albuquerque is set to become the city's largest gay nightclub. Some say it’s a sign the economy is turning around because it’s one of many new businesses.

Effex Nightclub, at 4th and Central above Schlotzsky's, is set to open Thursday night in time for gay pride weekend. The club can fit 750 customers.

"The gay community seems to anchor downtown revitalization and that's just one of the things we hope to bring here," says Effex co-owner Kris McNeil. He says the gay and lesbian community is in need of a place to feel comfortable, and that they contribute a lot to the economy.

"When they move into a space, they also bring business to the space, and businesses to support stores, grocery stores-- in my opinion, things that a downtown needs to grow and flourish," says McNeil.

As far as new Albuquerque businesses go, Effex is not alone:

• Slate Street Cafe just expanded, opening a new location in the Albuquerque Museum
• Southwest Grape and Grain, a homebrewing and winemaking shop opened this past month
• La Cumbre Brewing, a new microbrewery is opening in the Fall
• Brivea, a new I.T. company has set up shop on northeast Broadway
• Zombie Doughnuts just opened in the South Valley

Also, American Furniture Warehouse off I-25 is set for its grand re-opening, and Lowe's and Defined Fitness are set to break ground at the new retail complex at Central and Coors.

City Council President Ken Sanchez says the new businesses and the latest gross receipts tax revenue, which showed a slight increase in March, is a good sign overall.

"The retail market has been so flat in the last two years," says Sanchez. "Any type of activity is a positive sign for this community that the economy is starting to make a turnaround."

Wednesday morning, the city's Safe City Strike Force will be taking a tour of Effex Nightclub to make sure all of the necessary safety measures are in place for the grand opening.