CLAY, N.Y. — The Hart Lyman Companies and Conifer Realty, LLC on Thursday revealed the next step in their plans to “radically redevelop, rename, and redefine” the Great Northern Mall property in the town of Clay.

The project is described as a “more than a $1 billion investment,” per the announcement.

Hart Lyman and Conifer Realty have released renderings that include new housing, medical facilities, professional offices, a Clay Community Center, hotels and retail, dining and entertainment options.

The firms say they’ve submitted a site application to the Town of Clay following consultation with town and county leaders.

Hart Lyman Companies is headquartered at 500 Plum St. in Syracuse’s Franklin Square area while Conifer Realty is based in Rochester.

The planned development of the 215-acre property will include a walkable town center, entertainment district, health and wellness campus, and a residential community — all located just a few miles from the planned Micron Technology Inc. (NASDAQ: MU)campus in Clay.

The project plans at the former Great Northern Mall include more than 600,000 square feet of retail, community, grocery, restaurant, and entertainment space; over 790,000 square feet of medical and office space; more than 750 hotel rooms; and several mixed-use clusters, each featuring 300 to 500 new housing units with “options for all members of the community who wish to call Clay home.”

Hart Lyman and Conifer Realty contend “it will provide residents throughout the Syracuse MSA (metropolitan statistical area) with a recruitment tool for area businesses to address our area’s housing shortage and accommodate expected growth from the [Micron] project.”

Construction is set to begin in the fourth quarter of this year, depending on finalizing permitting and approvals.

“This project is transformative for the Town of Clay and our region,” Guy Hart, Jr., managing partner of the Hart Lyman Companies, said in the announcement. “Our goal is to reverse decades of sprawl and segregation between housing and lifestyle amenities that isolate people from each other, stifle a sense of community and building relationships between neighbors. It will enable our community to redevelop a blighted mall into a truly unique and dynamic environment. Over the many months since we acquired the property, we brought on a best-in-class team of professionals to design an ambitious project. This site doesn’t just provide housing, it provides better housing and a recruitment tool for healthcare institutions, businesses that locate here and anyone who points to the inspiration it evokes. By providing housing, a new Town of Clay Community Center, medical facilities, and hotels, we will establish a premier site for Central New York that will accommodate future growth and create a unique living environment.”

Sam Leone, president of Conifer Realty, called it a “significant milestone” in the effort to “transform” Great Northern Mall.

“With our partners at Hart Lyman, and in collaboration with local leaders and stakeholders, we are on an exciting journey to revitalize this space into a vibrant community hub that will help to breathe new life into our region,” Leone said. “This project is not merely about revitalizing a mall; it’s about providing much needed high-quality, housing supply and choices and laying the foundation for a thriving community that meets the evolving needs of our area and fosters growth and prosperity for years to come.”