Image courtesy of BPDA

The owner of a South Boston industrial property is reviving development plans originally approved in 2012, seeking to begin construction of a 127-unit apartment complex.

The vacant 1.5-acre site formerly contained an industrial building dating back to the property’s use as the Equipment 4 Rent building equipment business. The property is owned by H Street Assoc. of Newton, led by Peter Zagorianakos, according to a submission this week to the Boston Planning & Development Agency.

The project was not required to include income-restricted units when it was originally approved in 2012, but is now being amended to reflect Boston’s inclusionary development policy.

Under the proposal, 13 percent of the apartments would be reserved for households earning 100 to 120 percent of area median income. Rents for the income-restricted units would range from $2,136 to $2,931 per month.

Projects currently under review are not subject to Mayor Michelle Wu’s proposed changes to the IDP, which would impose additional affordability requirements upon both apartment and condominium developments.

Under Wu’s proposal, apartment projects with more than 26 units would be required to include income restrictions for 17 percent of dwelling area. Restricted units would be reserved for households earning an average 60 percent of area median income.

East Boston Savings Bank provided a $47 million construction loan for the H Street property in 2021, according to a Suffolk County Registry of Deeds filing.

“In support of the city’s demand for housing creation in a challenging economic climate, the proponent notes that construction financing is fully in place for the approved project, with funding on account at favorable rates (prior to current market restraints),” attorney Joseph Hanley of McDermott, Quilty & Miller LLP wrote in a proposed notice of project change submitted to the BPDA this week.