New Town Center Proposed for Holmdel [AUDIO]

It was once home to Bell Labs and Lucent Technology and has sat dormant for the last seven years, but now plans are in the works to revamp the Holmdel property.

The project could mean a major economic boost.

The cobwebs are being cleared out from the 473-acre tract, which includes four buildings, including one that's about 2 million square feet. Somerset Development has the green light to place housing and small businesses on the land.

"It will create jobs and help with an ever-growing population in the area," President Ralph Zucker said. "That was one of the biggest concerns we heard from people that there's a lack of available housing. This project will definitely help with that."

Recently, representatives from Somerset, along with Toll Brothers builders and Community Healthcare Associates, presented the public with their plans to convert the site. About 225 luxury homes, a satellite college facility and a public library are also being planned.

Other ideas include a health and wellness campus with full medical facilities and restaurants. They are now in the process of cleaning up the land.

"The mix of the uses is what is going to make this a great place," Zucker explained. "We have an opportunity to bring the community in and for everybody to benefit from all the different uses that we're bringing here."

Zucker hopes to have the project starting soon with a full completion date by the year 2020.

"It's a work in progress but once we get the ball rolling, there's no reason why people couldn't move into the homes or businesses occupy the space that is ready to go."