According to published reports, Li is seeking permission from the city council to redevelop the site, which his company, Waitex International, owns, and has approached the planning board with general redevelopment plans. Li could not be reached for comment.

The site is currently occupied by a 350,000-sf warehouse owned and operated by Waitex, a New York City-based W/D and Internet fulfillment provider that deals mainly in apparel and related products. Waitex acquired the building in 2000, and two years later had a proposal before the planning board to expand the property. Altogether, Waitex owns and operates three million sf of W/D space, mostly in New Jersey and, to a lesser extent, California.

According to published reports, the general plans advanced by Li, the existing W/D on the site would be torn down. Replacing it would be a 550,000-sf commercial and retail complex including a trade center. An adjoining hotel complex would have anywhere between 400 and 900 rooms and a regional convention center.