ITEM PHOTO BY OWEN O’ROURKE

The Ship Restaurant on Route 1 in Lynnfield might be torn down.

By LEAH DEARBORN

LYNNFIELD — The Ship Restaurant may be on its final voyage with developers announcing plans to demolish the Route 1 landmark.

Attorney Theodore Regnante said in a press release that the property owner at 24 Broadway has filed an application with the Zoning Board of Appeals to demolish The Ship and replace it with a new building.

The plans for the new building include a 7,580-square-foot retail space and a 2,500-square-foot drive up restaurant and coffee shop, according to the release.

A 2,500-square-foot freestanding branch building for East Boston Savings Bank is also planned for the space next to the Christmas Tree Shop, which the release said will remain.

The release said construction of an adjoining 68-unit condominium project at 2 Broadway will begin in the spring under a separate developer and the new retail space is meant to complement the adjoining residential use.

Town Administrator James Boudreau said he was aware of plans to close the restaurant but that he doesn’t have additional information regarding its demolition.

The property is owned by Ship Mall, LLC, a division of Allston-based Micozzi Management Inc. It was last purchased in 2007 for $16,500,000.

“I’m saddened by it,” said Linda Gillon of the Lynnfield Historical Society. “It’s a landmark on Route 1. They protected the dinosaur in Saugus. I think there’s a lot of sentiment in Lynnfield, but it just doesn’t get expressed.”

The Ship was built in 1925 by retired sea captain James F. Wilkinson from Gloucester, said the history section of the restaurant’s website.

It began as a refreshment stand on the Newburyport Turnpike and has evolved into a landmark recognizable for its nautical decor and exterior.

The release said the plans, which are on file with the Building Department, show improved access off Daly Road and Route 1, as well as additional landscaping at the site.

The demolition will be discussed at the Zoning Board of Appeals hearing Feb. 7 and at a Conservation Commission hearing on Feb. 21.

Attempts to reach restaurant management were unsuccessful.

Leah Dearborn can be reached at ldearborn@itemlive.com.