STAMFORD - After decades of waiting, a new plan is in the works to develop a vacant lot in Stamford known as "The Hole in the Ground."

Mayor Michael Pavia announced this morning that the plot of land across from the Stamford Town Center has been sold to a new team of developers.

They are planning to build 800 apartments, retail space and possibly a hotel.

Despite several failed plans in the past, developers are confident this one with go through.

Officials say they expect to break ground on the more than $100 million development project sometime next year.

For more on Stamford 'Hole in the Ground', watch the clip to the left or click News 12 Extra on Optimum TV channel 612.