A partnership of local developers and investors has purchased the 130-acre site formerly known as Westwood Station to develop it into a mixed-use development of retail, housing, office and hotel uses.

New England Development, Eastern Real Estate, National Development/Charles River Realty Investors and Clarion Partners purchased the site and renamed it "University Station."

Calls to the new investors for more details were not returned.

"Many retailers, including Wegmans and Target, have expressed strong interest in this location, and we anticipate that they will be key components of this new development," New England Development Chairman Stephen Karp said in a statement.

The development team is in the initial stages of crafting a proposed master plan to submit to town officials. The first phase of University Station is expected to open in 2014.

The former plan for the site would have cost $1.5 billion to build less than four million square feet of condos, offices and retail space. That project stalled in 2007 as financing for major speculative developments dried up.

The former mortgage owner, Anglo Irish Bank, unloaded the project to Texas-based Lone Star Funds when it sold off its $10.5 billion in U.S. loans.

University Station, when built, will be situated along University Avenue at the junction of Interstate 95 and Route 128 and I-95 in Westwood and directly abut an Amtrak and MBTA Commuter Rail Station.