The new owner’s vision for the former Boston Flower Exchange property at 540 Albany St. includes 1.6 million square feet of office and lab space – and no housing.

Plans for the 5.6-acre South End site contrast with the mix of residential and commercial uses in virtually all of the city’s largest recent development projects. Boston-based Abbey Group said the plans for solely commercial space reflect the property’s proximity to Boston Medical Center and Boston University Medical School along with a growing startup presence in the South End.

Abbey Group estimates the $1-billion Exchange South End redevelopment could create up to 7,000 jobs in four office and lab buildings. The Boston-based developer acquired the site last year after the flower wholesalers’ cooperative put the property on the market before moving to Chelsea.

Plans filed this week with the Boston Planning and Development Agency also include 42,500 square feet of retail space and 1,145 underground parking spaces.

Target date for beginning of the first phase is fall 2018 with construction of one or two buildings by late 2019 or early 2020, according to a submission with the Boston Planning and Development Agency. The project requires approval to exceed the 200-foot height limit in the neighborhood to allow construction of a 318-foot building.