Image courtesy of Bozzuto

The first phase of The Abby, a 700,000-square-foot apartment complex built next to the MBTA’s North Quincy station, is nearly 80 percent leased following the first resident move-ins in late May.

Bozzuto and Hingham-based Atlantic Development completed the initial phase of the project at 285 Hancock St., on May 25. The three-building development built on land leased from the MBTA eventually will include 610 apartments and 50,000 square feet of retail space, including a Target store.

The first building contains 218 apartments and approximately 20,000 square feet of amenity spaces including a courtyard with pergolas and fire pits, grilling stations, outdoor kitchen and solarium. It currently lists one-bedroom units with rents starting at $2,350.

The development project is the first in New England for Bozzuto, which previously has specialized in property management in the region.

The real estate agreement, approved by the MBTA in 2016, includes $230 million for a 99-year ground lease. The 6.8-acre property was formerly used as surface parking.

At a ceremony last week, Quincy Mayor Thomas Koch said the project has had a “transformative impact” on the neighborhood.

Approximately a half-mile from the site, Boston-based Tremont Asset Management is proposing a 214-unit apartment tower at 61-71 Hancock St. The firm also recently announced plans for two apartment buildings totaling over 550 units in Quincy Center.