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A joint venture is finalizing plans for the latest life science development in Somerville’s Boynton Yards.

The “Boynton Gateway” project would encompass 337,000 square feet of office and lab space on parcels currently occupied by auto repair shops, warehouses, a parking garage and surface parking, according to a notification form recently submitted to the Massachusetts Executive Office of Energy and Environmental Affairs.

Because the site straddles two separate zoning districts, the building will be designed with a 12-story high-rise section and four-story midrise section, developers stated. A 2-story below-grade garage would contain 200 parking spaces. Potential tenants will include “cutting-edge labs, modern offices, innovative startups and art/creative enterprise uses,” according to Boynton Gateway Owner LLC.

In September, the developers acquired the 1-acre site, which spans five parcels on Columbia Street, Webster Avenue and Beach Avenue The project is a joint venture of CV Properties and an opportunity fund advised by Columbia Property Trust.

The development proposal follows on the heels of Leggat McCall Properties’ plans for a 1.1 million-square-foot development in Boynton Yards that began with a 289,000-square-foot spec building currently under construction.

And Capital Hall Partners submitted documents in December for a 1.5 million-square-foot hotel and life science project on the outskirts of Union Square at 200 McGrath Highway.

Somerville planning documents estimate the Boynton Yards section alone could attract 3.6 million square feet of development.