The new owner of a 6.5-acre property along Boston’s Fort Point Channel plan to build 1.1 million square feet of housing and commercial space on one of the Seaport District’s prime development sites.

Related Beal will propose an office building, lab space and multifamily project on the former Gillette Co. parking lots that it acquired in May for $218 million, The Boston Globe reports.

The project would include a 400,000-square-foot lab building and 334,000-square-foot office building along with an 18-story residential tower and a park between A Street and the channel.

Related Beal will kick off its permitting with the Boston Planning and Development Agency this month following a community outreach period.

The lab building is expected to compete with other developers’ attempts to capture life science industry spillover from Cambridge in the Seaport and A Street corridor.

Cambridge cancer researcher Foundation Medicine leased 580,000 square feet in a new build-to-suit project at 400 Summer St., the biggest life science project since Vertex Pharmaceuticals moved its 1.1 million-square-foot headquarters to the Fan Pier in 2014.

The Related Beal-owned property borders a 1-acre development site acquired by Alexandria Real Estate Equities, National Development and Charles River Realty Investors  this spring for $252 million. That property had been designated as the site of a 293,000-square-foot new General Electric office building, and the new owners said in July they’re planning a 330,000 to 360,000-square-foot office and lab building that could break ground in early 2020.

In July, Tishman Speyer acquired a 1-acre property at 105 West First St. that’s preapproved for a 250,000-square-foot office-lab building.

Anchor Line Partners and Alexandria are in permitting for a 210,000-square-foot life science building at 99 A St.