San Diego multifamily developer Fairfield Residential has paid $45 million to acquire a group of industrial parcels in Chelsea where a 692-unit apartment complex is planned.

Spanning two city blocks, the 8.2-acre site includes the former Chelsea Clock factory and surrounding industrial parcels on Everett Avenue, Vale Street and Fourth Street. Thibeault Development LLC last year proposed a 455-unit multifamily complex called Chelsea Lofts on the site.

After the developers acquired additional properties, the Chelsea zoning board of appeals approved plans for 692 apartments in two 4-story buildings on the site, said attorney Anthony Rossi of Everett, who represents Thibeault Development.

Construction will begin following an environmental clean-up of the sites, Rossi said.

Fairfield Residentials’ local holdings include the Baker Chocolate Factory apartments in Dorchester and apartment complexes in Quincy, South Boston, Stoughton and Lawrence. Representatives could not be reached for comment.

The multifamily boom in Greater Boston has prompted developers to look at Chelsea because of its proximity to Boston and the scheduled completion late this year of the MBTA Silver Line Extension. The $82.5 million project will have four stations in the city – at Eastern Avenue, the Box District, Downtown Chelsea and the Mystic Mall – opening up fast public transit commutes to Boston’s Seaport District and South Station.

Boston-based Traggorth Cos. has built 250 condos and apartments on Gerrish Avenue near the planned Box District station, including the Flats at 22, which opened last winter.

And leasing began Jan. 29 on the 222-unit second phase of the One North of Boston apartment complex, which was developed by Boston-based Gate Residential at 100 Heard St. The first phase contained 230 luxury apartments two blocks from the MBTA commuter rail station.