Image courtesy of Combined Properties

Aging commercial buildings along Medford’s Mystic Avenue would be replaced by a four-building, 1.2 million life science campus proposed by Combined Properties.

The Malden development firm is seeking approval for Medford Life Science Park at 278-326 Mystic Ave., including a property formerly owned by the Massachusetts Department of Transportation.

“Medford Life Science Park unlocks the potential in one of the most promising urban sites in Massachusetts available for redevelopment,” Combined Properties Senior Vice President Christopher Maietta wrote in a submission to the Medford Community Development Board, citing the site’s location 2.7 miles from Cambridge’s Kendall Square biotech hub.

The plans call for four 8-story buildings on the site, located between Mystic Avenue and Interstate 93. A public hearing is scheduled for June 21 on a zoning amendment creating a new planned development district.

Combined Properties estimates the development would generate 2,000 permanent jobs and increase the site’s property tax revenues from the current $148,000 to as much as $20 million a year.

The development opportunity originated for Combined Properties after the Massachusetts Division of Capital Asset Management and Maintenance sold a former MassDOT sign repair shop at 300 Mystic Ave. to the developer for $6 million in 2019.

Combined Properties is the owner of commercial properties at 278 and 326 Mystic Ave.

Medford’s life science industry cluster includes Cummings Properties’ lab buildings on Boston Avenue and an office-to-lab conversion project at The Davis Cos.’ One Cabot near Wellington Circle.

Boston-based developer RISE received approval in 2022 for a $200 million lab tower at 4054 Mystic Valley Parkway and acquired the site for $8.25 million in April.