The Boston Planning & Development Agency has approved the sixth and final phase of the Boston Housing Authority’s redevelopment of the Old Colony housing project in South Boston.

Phase six includes the development of a five-story building which will be entirely income-restricted – including age-restricted senior housing. The 89 units will be a mix of one-, two-, three-, four- and five-bedroom units. 

The project will include ground floor community space, which developers expect to be leased by a local South Boston arts organization working with low-income individuals, according to the filing. 

It will also contribute to area improvements including new neighborhood pedestrian connections, and onsite bicycle storage.