Telecommunications giant Verizon announced Tuesday that it would finally bring its high-speed fiber-optic network to Boston, in a move that could greatly increase speeds for consumers and bring new competition to the local cable market. 

Verizon told reporters at a news conference that its FiOS Internet service’s premium package delivers download speeds up to 500 megabits per second — allowing users to download a TV show in about four seconds, or an entire movie in about 12, according to company estimates. 

Right now, Verizon can only offer about 7.5 megabits per second, according to The Boston Globe.

Mayor Marty Walsh also spoke to reporters, acknowledging that Boston was lagging in high-speed Internet access but that it's been a priority in his administration.

“We forged strong partnerships with Verizon and crafted a plan that’s fair and practical, yet bold and ambitious,” the mayor said, according to the Boston Business Journal.

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Work on the project, estimated to cost more than $300 million over six years, will also include efforts to include mobile service in the city.

Construction will begin in Dorchester, West Roxbury and Dudley Park later this summer. The next phase will repotedly include Hyde Park, Mattapan, Jamaica Plain and other parts of Roxbury.