Gov. Phil Murphy unveiled plans to construct a new, state-of-the-art incubator hub in downtown New Brunswick that will serve as a research and innovation facility.

The site is owned by the city and being developed by the New Brunswick Development Corp. (DevCo), and is to be roughly 4 million square feet. According to an announcement by the city, the new hub will be situated next to the New Brunswick train station and will complement “recent residential, retail and entertainment growth and development in New Brunswick.”

The development is in the early stages of planning, and will require multiple partners and sponsors. The state’s Economic Development Authority will oversee the initial planning and study for the site. The development falls in line with Murphy’s recent budget, in which he promised to create more innovation hubs in the state to foster new businesses.