Boston has 4.7 million square feet of lab construction under way, including the King Street Properties' $915 million Allston Labworks project. Image courtesy of King Street Properties and DiMella Shaffer

Developers expect to break ground this summer on a 576,000-square-foot life science and residential project along Western Avenue in Allston after wrapping up their final approvals and construction financing.

The project, newly rebranded as Allston LabWorks, is a partnership between Boston-based life science developer King Street Properties, Mugar Enterprises and owners of the Stadium Auto Body property, which is part of the 3.2-acre site.

Developers this week transferred the site parcels to a new corporate entity, Allston Labworks Developer LLC. The $181.6 million transaction is part of their preparations to secure construction financing, said Michael DiMinico, a King Street partner and managing director. There are no changes to the existing ownership structure, DiMinico said.

The development site, located steps from Harvard University’s proposed new Enterprise Research Campus, was originally assembled in 2016 when Mugar Enterprises and Stadium Auto Body bought a cluster of small commercial parcels for $13 million.

The Boston Planning & Development Agency approved the 576,000-square-foot development, previously known as Nexus at the Allston Innovation Corridor, in October. Along with two life science buildings at 250 and 305 Western Ave., the project includes a 35-unit residential and retail building at 280 Western Ave.

King Street is finalizing approvals from other city agencies including Boston Public Works and the Water and Sewer Commission. DiMinico said construction is scheduled to begin in summer 2022.