Rottlund Cos. has the exclusive rights to negotiate with the city regarding the development. The first phase will include 730 housing units, 225,000 sf of office space, and 325,000 sf of retail on 80 acres. The project includes a big-box retailer, which industry insiders say is almost certainly Costco.

Currently, the abandoned area is partially contaminated industrial land surrounding Langton Lake. The first phase of the Twin Lakes redevelopment is expected to increase the area's market value from $30 million to $212 million, according to the project plan. That would result in an estimated $38 million in tax increment financing.

Backers of the project argue that the TIF incentive is necessary to make the redevelopment and environmental cleanup financially feasible, while opponents say such development subsidies are not warranted. A citizens' group worries about the impact of the project on adjacent Langton Lake Park and argue there is no need for further retail in the area. The opponents plan to sue Rottlund and the city and demand further environmental review.