And that choice, according to officials familiar with the project, will be a joint venture between Toll Brothers Inc. and Edgewood Properties. The former, based in Huntingdon Valley, PA, is one of the country's largest homebuilders. The latter, based in Piscataway, NJ, specializes in residential projects, but does have a commercial/retail development division.

Details of what will happen on the site are sketchy, although much more is expected to be known after next week's announcement. Local officials estimate the project will cost between $80 million and $100 million, and while Toll and Edgewood will be the developers of record, the agreement is expected to call for the two firms to farm out components of the overall development to sub-developers.

The tract is also expected to be redeveloped with a combination of commercial and residential properties. According to one source, the latter component is likely to emerge as more than 400 condominium and townhouse units. And besides the commercial, entertainment and related uses, the Lakes Bay Waterfront Redevelopment Plan, as it's being called, will have what one official has termed "environmental education facilities" relating to the site's adjacent wetlands.

The tract, the majority of which is owned by the city, is mostly undeveloped and underutilized, and officials say it will require minimal condemnation. The former Pleasantville High School, since replaced by a new facility, would be torn down.

Observers also expect the project to change the nature of this largely industrial city, whose real estate tax base is dominated by warehousing and distribution operations the support neighboring Atlantic City's casino industry.