At 11 a.m. on Wednesday, the University of Southern California was officially halfway done with its landmark construction of the USC Village.

A crane moved a 12,700-pound spire atop the McCarthy Honors College, which represented the halfway point to full completion of the new retail complex. As the spire was lifted, confetti filled the air and the Trojan Marching Band played its signature song, "Fight On."

Thousands of construction professionals have logged about 850,000 hours of work on the project thus far, and have poured 90,000 cubic yards of concrete to help form foundations of buildings to come.

The USC Village, marked by its five major buildings, was initially constructed in 2014 and is scheduled for completion in the fall of 2017. It will encompass 15 acres while costing roughly $700 million, the largest development in USC's history.

Arushi Kapoor, a sophomore at USC, didn't know of the event, like many others. However, she admitted the final completion of the USC Village will certainly draw widespread attention.

"I think it will be a lot more convenient for students who live on campus—I live off campus— because it's easy to get to and everyone likes to shop," she said.

Visitors of the complex can expect a Trader Joe's and City Target, as well as dorms for up to 2,700 students.