Equity One Inc. has filed plans to build a 490-unit apartment complex at a former Shaw’s Supermarket site in Medford.

Equity One would demolish the 60,468-square-foot supermarket building on Locust Street, which has been vacant since 2014, and an Eastern Bank outbuilding, the Medford Transcript reported.

The plans call for three apartment buildings totaling 562,508 square feet, including a 3,000-square-foot retail space occupied by Eastern Bank. The buildings would include 16,000 square feet of ground-floor amenities and flex space.

The complex would be built across the street from the Meadow Glen Mall, which is being partially demolished to make way for a new anchor tenant that is reportedly a Wegmans supermarket. The Equity One site is steps from the 163-unit Lumiere apartment complex at 2780 Mystic Valley Parkway that was developed in 2014 by Criterion Development Partners and is managed by WinnResidential.

Equity One would reserve 10 percent of the apartments as affordable for households meeting income restrictions. Medford’s community development board will begin reviewing the site plan May 18.

New York-based Equity One acquired the 6.8-acre property in 2004 for $19.9 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

Multifamily developers are reaping strong rent performance from new developments in the inner-ring suburbs north of Boston.

Average monthly rents for large apartment complexes in the Mystic River North and Cambridge-Watertown submarkets were $2,343 per unit at the end of the third quarter with a 4.5 percent vacancy rate, according to research by CBRE Econometric Advisors. The Lumiere complex had a 97 percent occupancy rate with average rents ranging from $2,125 for studios, or $3.41 per foot, to $3,135 for two-bedroom units, or $2.67 per foot.