A green light has been given to Boston-based Kensington Investment Co. Inc. and National Development in its request to develop a Class A rental apartment community in Boston’s Chinatown neighborhood.

The 27-story, $172 million project, called The Kensington, will be located at the corner of Washington and LaGrange Streets, according to a statement. It will have a total 385 units and more than 345,000 square feet of residential space. The complex will also include four above-grade parking levels with 110 spaces.

"We’re excited at the prospect of further solidifying the appeal of this neighborhood with a world-class building that will enjoy extraordinary street presence and exceptional accessibility to virtually all of the attractions that make the city of Boston one of the most desirable places to live in the world," said Alan Lewis, owner of Grand Circle Travel and Kensington Investment Co.

The ground floor of the downtown building will contain 4,000 square feet for community-oriented retail and office space, according to a statement. The project’s design will also reserve portions of the space for use at below-market rents by local nonprofits and include space for a public exhibit of Gaiety Theater artifacts.

Groundbreaking for The Kensington set for the summer, with completion in summer 2013. The project is expected to generate 400 full- and part-time construction jobs.