The Hunts Point Terminal Market is well on its way to a major upgrade after receiving a $10 million federal grant.

The money was awarded by the U.S. Department of Transportation's TIGER program. Officials say the funds will go toward a $320 million redevelopment project to modernize facilities at the food hub, which is the second largest in the world.

Mayor Michael Bloomberg said the grant will also help keep the facility in The Bronx. The market employs about 3,600 people and generates $3 billion in revenue each year.