Image courtesy of LPC West Main LLC

An industrial property near Route 128 would be redeveloped as a 369-unit apartment complex under plans set to be reviewed by Waltham officials this week.

Willow Bridge Property Co. proposes the 5-story rental building on a 5.5-acre parcel at 1362 Main St. The company was acquired by Toronto-based Cadillac Fairview in 2023 and formerly operated as Lincoln Property Co.’s residential division.

Developers are seeking approval under Chapter 40B, the multifamily zoning law. The project would include 93 income-restricted units, representing 25 percent of the building’s total, reserved for households earning a maximum 80 percent of area median income.

The development plan includes a 549-space parking garage, according to a submission to the Waltham Zoning Board of Appeals by attorney Michael Connors of Waltham-based Connors & Connors LLP.

The property occupied by a 70,000-square-foot warehouse is located in a commercial zoning district and currently owned by the Philip Pagliazzo Sr. Realty Trust. Waltham assessors currently value the property at $9.3 million.

The Zoning Board of Appeals will open a public hearing on the project Thursday at 7 p.m.

In December, Waltham officials approved a rezoning plan encouraging multifamily development near public transit that was designed to comply with the MBTA Communities law. Under state regulations applying to communities with commuter rail stops, Waltham was required to rezone for nearly 4,000 new multifamily housing units.

The plan adds zoning for multifamily housing near the Brandeis/Roberts and Waverly stations.

The average apartment rent in Waltham is nearly $2,700 a month, according to Apartments.com. Median prices in 2024 were $785,000 for single-family homes and $711,500 for condominiums, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

Editor’s note: This report has been updated to correct the current ownership of the development team.