Medford’s Community Development Board is reviewing a proposal for a new 490-unit, three-building apartment complex at the former Shaw’s supermarket site across from Meadow Glen Mall.

According to plans submitted to the City Clerk’s office April 13, property owner Equity One, Inc., plans to demolish the 60,000-square-foot building at 61 Locust St., formerly Shaw’s, as well as the 5,000-square-foot Eastern Bank building on the same lot.

After clearing the buildings, Equity One proposes to construct three new buildings totaling 562,508 square feet, including:

3,000 square feet of ground-floor retail space to be operated by Eastern Bank12,000 square feet of ground-floor amenity space4,000 square feet of ground-floor flex space

The proposed development contains 490 apartment units and parking for 781 vehicles. According to the plans, 10 percent of apartments would be designated as affordable units.

The project would include a network of internal driveways and pedestrian walkways that, along with the surface parking lot, would take up a substantial portion of the redeveloped site. According to the plans, a 5-foot variance in depth to groundwater at the site prohibits construction of an underground parking garage.

According to the plans, the project would result in an additional 15,000 square feet of open space.

“By providing a more attractive retail location for Eastern Bank and introducing new ground-floor uses, the proposed project will enhance the prevailing residential and commercial characteristics of the surrounding neighborhood, producing a more active and attractive pedestrian-oriented streetscape and encouraging further revitalization of underutilized sites along Locust Street,” Equity One’s application states.

If approved, the development would join the neighboring Lumiere apartment complex, which opened in fall 2014 with 163 luxury units.

Mayor Stephanie M. Burke said the project would enhance the Locust Street area, which she envisions turning into something similar to Station Landing.

“I think it is a fabulous opportunity to create a neighborhood in that part of the city,” Burke said, adding the ground-floor retail space would benefit the area. “Those are all benefits of adding a streetscape to that neighborhood. I almost anticipate that it could like a little like Station Landing on that site.”

Equity One filed an application for a site plan review with the Community Development Board on April 7. The board is expected to hold a hearing on the application May 18 or May 25, according to the plans filed with the city.

The proposal requires zoning relief, as it would violate height and use requirements for an Industrial Zoning District, according to Medford’s Zoning Ordinance.

The project would not have a significant impact on traffic in the area, according to a traffic assessment conducted for Equity One by Vanasse & Associates, Inc.

Burke said if approved, the project would help the city establish a community of transit-focused housing on Locust Street, with residents encouraged to access the MBTA’s Orange Line station at Wellington Circle via improved pathways at the Mystic River Reservation.

“It’ll be walkable,” Burke said about plans to improve pedestrian and bike routes at the park. “You just cross over and you have a beautiful location to play and walk and get to the train station. We need to fill in a few of those pathways along the Mystic River, and I think once the connections are made it will be a safe path to Wellington.

“It’s the start of something there,” Burke said. “We’re excited.”