Image courtesy of Jacobs

The new owners of the Russo’s marketplace property in Watertown are seeking approval for a 192,000-square-foot life science development, including a new retail building on a portion of the site.

Along with the 4-story office-lab building, Waltham-based Saracen Properties and BentallGreekOak plan a 7,500-square-foot retail building and public outdoor seating and a food truck zone. Branded as “Paramount Place,” the project leaves 1.25 acres of open space “with the objective of creating synergy between the new lab/office building on the west side and the new retail space to the east,” developers stated in a site plan application to the Watertown Planning Board.

Designed by Jacobs, the 4-story lab building is designed with a glass and concrete facade and a rooftop penthouse that will screen mechanical equipment. The lab building and a 6-story parking garage both would be topped with rooftop solar arrays.

Developers bought the property at 53-560 Pleasant St. in August 2021 for $36.5 million, signaling the end of the century-old specialty grocer’s presence in Watertown. It most recently operated a 48,000-square-foot grocery, produce and flower center on the Pleasant Street property, before closing last fall.