Mystic — The owner of 70 acres of the Perkins Farm property is developing a conceptual plan for what could be the largest project in Stonington history, a $40 million to $60 million development that would create a health, research and academic campus with a residential component.

David Lattizori, who had been quietly working on the idea since May and had hoped to hold off on publicizing it until he could complete his review and make a decision whether to move forward, discussed the idea on Tuesday after First Selectman George Crouse mentioned it at last week’s selectmen’s debate.

Crouse said it would generate $1 million a year in tax revenue for the town.

Lattizori — whose family’s unsuccessful efforts in the past to develop the site with a mix of uses including retail and commercial had met with opposition from some residents and town officials — said he is optimistic this idea would be more acceptable.

He said it has no retail component and has been met with initial support from town officials and some residents of the Stone Ridge retirement community located across Jerry Browne Road from the site.

“This type of project would be a home run for the town,” he said. “I do feel this concept is the highest and best use for the property.”

Lattizori currently has zoning approval to build 36 homes on the property and had planned to begin construction on the first five lots next spring.

But he is holding off on that plan until he finishes exploring the new concept.

Lattizori stressed the project is still in the preliminary planning stages. No applications have been filed with the town for zoning or sewer approval.

Although he has quietly been meeting with small groups of Stone Ridge residents, Selectman Rob Simmons and some town officials over the past five months, he said he wants to complete a detailed plan before presenting it to the public and the overall Stone Ridge community.

“We’re trying to be sensitive to everyone,” he said.

Many residents of the upscale retirement community have opposed previous proposals for the site because of concerns about traffic along with the appearance of retail and commercial development.

But Lattizori said the new concept, which would have a geriatric health component, would mesh with Stone Ridge and the Masonicare assisted living project being built a short distance away.

In fact, he said, it was a retired doctor at Stone Ridge who suggested the idea to him.

Another major difference from previous plans is that more than half the property would be left undeveloped, creating a buffer along Jerry Browne Road.

He said this would protect the rural character of the road and screen the buildings from being seen from Stone Ridge.

The entrance would be at the intersection of Coogan Boulevard and Jerry Browne Road.

Lattizori said the campus would feature buildings connected by walking trails.

There would be a mix of residential options including town homes for those over 50 and units for millennials who could work and live on the property.

The buildings would be located along the one mile frontage with Interstate 95.

Lattizori said the project, which would be located on the last large undeveloped piece of land in Mystic, would create a variety of skilled, well paying jobs.

As for the market for such a development, he said some prospective tenants have already expressed interest in the idea.

“If we receive our approvals, I’m confident of being able to fill a very nice facility,” he said.

j.wojtas@theday.com

Twitter: @joewojtas