The new owners of an empty plot of land next to the Court Square subway station in Long Island City have high-rise ambitions, reports LIC Post.

Charney Companies and Tavros Capital have reportedly teamed up to acquire the 18,000-square-foot site at 24-19 Jackson Avenue for $68.3 million. That property, coupled with an adjoining lot the two firms already own at 45-03 23rd Street, would be redeveloped with an approximately 55-story building containing roughly 600 apartments.

According to LIC Post, no building permits have been filed on the site so far, although a representative for the developers indicated that the as-yet unrevealed project would include roughly 90,000 square feet of shops and offices.

A timeline has not been announced.

The site was acquired from a Japanese hotel operator who had sought to previously develop the site with a 50-story structure containing roughly 1,200 guest rooms. The land was sold not long after the passing of a new zoning rule requiring special permits for the construction of hotels.

The project site is located a short walk south of Skyline Tower at 3 Court Square, which now ranks as the tallest building in Queens.