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WALTHAM, MA-New York City-based the Related Cos. has entered an agreement to redevelop Polaroid Corp.'s 119-acre headquarters. Though details were not disclosed, the mixed-use project would include office and retail space and possibly a hotel and residential units. In previous coverage cost estimates ranged from $300 million to $400 million.

The 119-acre campus, bordered by Interstate 95 and Route 128, is currently comprised of office buildings and manufacturing facilities. A spokeswoman for Polaroid says the company has a three year lease on the property with an option to renew. "We're continuing our normal operations and we're evaluating" options for the future, she tells GlobeSt.com.

"We are excited about the opportunity to develop this prime real estate property," Glenn Goldstein, executive vice president of the Related Cos., says in a statement announcing the agreement with Polaroid. "This is one of the largest sites available in Massachusetts, situated next to a major regional highway." Related officials could not be reached by GlobeSt.com for further comment.