Courtesy Stantec

A hotel, new Chinatown branch of the Boston Public Library and 171 income-restricted housing units would be part of a new South Cove development that fulfills Millennium Partners’ affordable housing obligations from its Winthrop Center tower.

The 416,500-square-foot project would redevelop parcel P-12C at 290 Tremont St., including an expansion of the Tufts University shared services garage which sits at the center of the development site.

Millennium Partners, Corcoran Jennison Co. and the Asian Community Development Corp. are partnering on the project.

Because Millennium Partners did not include any on-site affordable units at its 1.6-million-square-foot luxury condo and office tower under construction on Federal Street, it submitted a $4 million payment to comply with Boston’s inclusionary development policy.

Corcoran Jennison Cos., owner of the adjacent Double Tree Hotel, would own the hotel portion of the mixed-use development.

Tufts Shared Services Inc. which owns an adjacent garage will own the parking garage expansion of the project, developers said Tuesday in submitting a letter of intent to the BPDA.

Asian CDC was named redeveloper of the 30,000-square-foot parcel P-12C, a surface parking lot, following an RFP process.