Image courtesy of Embarc

Development of 293 apartments next to Dedham’s Legacy Place lifestyle center would create the town’s third-highest-assessed property.

200 Commercial Circle Realty Trust proposes to develop the 8-acre site at 124 Quabish Road as a multifamily development including 15 percent income-restricted units and 22,678 square feet of retail space, according to application documents submitted by attorney Peter Zahka II of Dedham. The project was first reported by Bldup.

The development would contribute up to $416,662 in annual positive fiscal impact to the town, based upon a projected assessed value of $63.2 million and anticipated gross revenues of $1 million, according to a financial analysis submitted by Fougere Planning + Development. And it would generate 2,678 average weekday vehicle trips, transportation consultants Vanasse & Assoc. of Andover stated in a traffic analysis report.

The property was previously used as a recycling facility by Dedham Recycled Gravel Co.

Plans by Boston-based architects Embarc call for three buildings containing 21, 48 and 224 apartments and totaling 453,292 square feet, and 454 parking spaces including 257 in lower-level garages.

Route 1 Management Land Trust, the trustee of the property owner, lists an address of 1039 East St. in Dedham and managers Alessandro Morteo and Joseph Federico Jr.

Owners are pursuing approvals for a planned commercial development/major nonresidential project under Dedham zoning bylaws. The project requires eight special permits from the Dedham planning board.