The developer of an 1,160-unit multifamily project at the former GE Riverworks property in Lynn has agreed to pay for construction of a new public commuter rail station on the Newburyport/Rockport line.

Lynnway Assoc. LLC of Swampscott is in permitting for a 1.5-million-square-foot redevelopment of the 65-acre property, which contains a flag stop station that was restricted to use by General Electric employees in 1972.

Under the agreement with the MBTA, Lynnway Assoc. would build two 783-foot-long platforms, walkways, an 80-space parking lot and passenger drop-off areas. It also will submit a $500,000 deposit to a fund for transportation improvements in the area. The fund is expected to grow with contributions from other developers on the Lynn waterfront, where the city has sought to encourage up to 6 million square feet of mixed-use development.

Lynnway Assoc. LLC acquired the property in 2014 for $7.6 million.

The announcement comes as the MBTA prepares to launch service May 22 at the new Boston Landing station on the Worcester-Framingham line, which was paid for by NB Development as part of its 1.8-million-square-foot mixed-use development including the New Balance headquarters and new training facilities for the Bruins and Celtics.