The owner of a 70-acre farm in Stonington is preparing plans for the largest development project in the town’s history, a $60 million research campus including housing.

First Selectman George Crouse revealed the plans last week during a debate, estimating it would generate $1 million in tax revenues annually.

Owner David Lattizori has unsuccessfully tried to develop retail and commercial projects in the past, The Day of New London reported.

The property is approved for 36 homes, but Lattizori is delaying that project pending completion of the mixed-use plans, the newspaper reported.

The residential component would include townhomes for buyers age 50 and over, as well as units for Millennials. The property, which is one of the largest undeveloped parcels in the Mystic section, has frontage along I-95. The entrance to the development would be at the corner of Coogan Boulevard and Jerry Browne Road.