The Boston Planning & Development Agency has approved a South Boston redevelopment project that will develop four mixed-use buildings at an underutilized industrial site on Dorchester Avenue.

The 323-365 Dorchester Ave. project will include 310 residences, as well as commercial and retail space. A letter of intent for the project was filed last March, and the board approved the project at its Dec. 16 meeting. 

Once complete, the development will have two residential buildings and two commercial ones totaling approximately 1.1 million square feet. Seventeen percent of the housing units will be income restricted. There will also be 623,000 square feet of office/life-science space and 50,000 square feet of retail and restaurant space. 

Two public plazas are also part of the design, along with a new network of streets, sidewalks and infrastructure. Additionally, the city of Boston has dedicated 1.6 acres of the site as public right of ways and $3 million will be put toward updating and modernizing the Old Colony/Dorchester Avenue intersection. 

The project is part of the BPDA’s PLAN: South Boston Dorchester Avenue Planning Initiative, which was approved in December 2016.