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A Newton developer is seeking approval for its second major life science building on the edge of Watertown Square.

The project by Boston Development Group would redevelop a 2.7-acre site at 88 Water St. with a 5-story, 224,000-square-foot office-lab building, according to a submission to the Massachusetts Executive Office of Energy and Environmental Affairs. The property contains a pair of low-rise commercial buildings, including a 67,000-square-foot office building and a 20,000-square-foot building occupied by 2nd Home Adult Medical Day Care, and surface parking.

The project will retain 1.2 acres of public open space. Developers plan to widen Water Street into a two-way road and realign its intersection with Nonantum Road, according to the filing.

Developers estimate the project will generate 2,462 vehicle trips today and propose 425 parking spaces. The project also would include upgrades to sidewalks, pedestrian and bike paths and new ADA-compliant wheelchair ramps.

The site borders a 66 Galen St. property where The Davis Cos. of Boston and Boston Development Group broke ground in August 2021 on a 224,000-square-foot life science building which is scheduled for completion in 2023.

A community meeting on the project is tentatively scheduled for April 25, according to the Watertown Community Development and Planning office.