Image courtesy of Alexandria Real Estate Equities

Alexandria Real Estate Equities has unveiled its redevelopment plans for the Watertown Mall property, including three new life science buildings totaling 500,000 square feet.

The Target superstore, which anchors the east end of the 550 Arsenal St. property, would remain.

Alexandria executives will present the plans for the three-phase development at a virtual community meeting at 6:30 p.m. on Wednesday.

Surface parking eliminated by the new development would be replaced by 540 spaces in a pair of proposed parking garages. Two amenity buildings also are planned.

The plans also incorporate the 5.6-are Enanta Pharmaceuticals property at 500 Arsenal St., which Alexandria has owned since 2000, and an auto parts store at 450 Arsenal St.

The nation’s largest life science landlord, Alexandria already owns 12 million square feet of commercial properties in Greater Boston, including 1.4 million square feet in Watertown.

Presentation materials say the development will add new outdoor plazas and connections to the Watertown-Cambridge Greenway, while retaining the density of the existing buildings on the site and “key retailers.” The existing mall is 264,549 square feet, according to Watertown assessors data, while the 500 Arsenal St. building is 93,662 square feet.

Alexandria, which owns the nearby Arsenal on the Charles complex, bought the 18-acre mall property last year for $130 million.

The project team includes Gensler, Buro Happold and landscape architect Reed Hilderbrand.