As the city of Medford considers rezoning its Mystic Avenue commercial corridor, one developer isn’t waiting for a final decision before proposing a large-scale multifamily project.

Malden-based Combined Properties has submitted plans for Mystic Village, a three-building, 650,000-square-foot complex containing 544 residential units and 36,000 square feet of ground-floor retail.

The 8-acre site at 278-326 Mystic Ave. includes a Massachusetts Department of Transportation repair shop property. Combined Properties submitted a high bid of $6 million for the 1.7-acre property at 300 Mystic Ave., which was made available as part of Gov. Charlie Baker’s Real Estate Asset Leveraging (REAL) program encouraging private redevelopment of underutilized state properties, in 2017. The site also includes Combined Properties’ 278 Mystic Ave. parcel, which currently houses a 21,000-square-foot office building.

Combined Properties proposes three buildings facing Mystic Avenue, each including parking garages with a total of 816 spaces and 124 retail parking spaces.

The project will require variances from the zoning board of appeals for parking ratio, change of use and height, with 7-story buildings up to 90 feet.

Medford hired Metropolitan Area Planning Council in 2017 to study land use on the Mystic Avenue corridor, currently zoned for commercial and industrial uses. The final report is expected to be released this spring, Medford Mayor Stephanie Burke said last week.