Image courtesy of SGA

After recently completing a 289-unit apartment complex in Woburn, a Boston developer submitted plans to redevelop a 14-acre nearby industrial site as lab and biomanufacturing space.

Cabot, Cabot & Forbes is seeking approval for a 175,000-square-foot office-lab building along with a 135,000-square-foot cGMP manufacturing plant at 216 New Boston St.

Located just west of the MBTA’s Anderson Regional Transportation Center, the project will benefit from improved transportation access from a new bridge on New Boston Street spanning the rail lines, Cabot, Cabot & Forbes said in announcing the proposal.

Designed by architects SGA, the project will incorporate customizable cGMP space and flexible floor plans for tenants’ unique requirements, developers said. Cushman & Wakefield is the leasing agent for the life science space.

Cabot, Cabot & Forbes acquired the property in 2021 for $22.1 million, according to Middlesex Country Registry of Deeds records.

The proposal begins permitting as demand for life science space in Greater Boston appears to be moderating amid the stock market downturn and rising interest rates’ dampening effects on venture capital investment.

Life science companies are now seeking a total of 4.4 million square feet of space in Greater Boston, down from 6.6 million square feet in December, according to JLL research presented Wednesday at a NAIOP Massachusetts market forum.

Cabot, Cabot & Forbes recently completed the 289-unit Emblem 120 apartment complex at the former Fitzgerald Tile property on nearby Commerce Way, and is developing a site at 0 New Boston St. as a 250-unit apartment complex known as Anderson Station.