A 2013 development plan approved for Wentworth Institute of Technology's 500 Huntington Ave. property/Image courtesy of Perkins + Will

Wentworth Institute of Technology is the latest college set to cash in on Boston’s lab boom in a partnership with private developers.

The engineering school is partnering with The Fallon Co., Waldwin Development and The Owens Cos. on a proposed 630,000-square-foot life science and office project at 500 Huntington Ave.

The two-building development would replace an athletic field, surface parking and three smaller buildings. 

Wentworth selected Huntington Development Group, a partnership of the three private real estate firms, in May 2022, following an analysis and solicitation by Cushman & Wakefield and Brailsford & Dunlavey.

The project will enable Wentworth to expand corporate partnerships, according to a notification form submitted Feb. 8 to the Boston Planning & Development Agency.

The plans will include new pedestrian access across the site connecting the MBTA’s Museum of Fine Arts station and the Ruggles station.

An earlier 640,000-square-foot project approved for the site in 2013 included over 300,000 square feet of R&D space and nearly 245,000 square feet of office space.

Demand for additional lab space in the Fenway to accommodate life science growth prompted Simmons University to partner with Skanska on a recently-approved redevelopment of its residential campus on Brookline Avenue. The mixed-use project will include 1.3 million square feet of office, lab and R&D space.

Mission Hill is emerging as another option for lab space. In August, Bulfinch Companies received approval for over 58,000 square feet of office, lab and R&D space at 804-812 Huntington Ave., along with 23 residential units.