The Hamilton Company submitted a proposed zoning-map amendment for a parcel of land on Somerville’s Union Square that the company hopes to redevelop into apartments.

Located in Somerville’s Commercial Core 5 (CC5) district at the southwest corner of the intersection of Somerville Avenue and Prospect Street, the property can only now be used for commercial purposes.

To move forward, the proposed project would require approval from Somerville’s City Council and Planning Board.

“Our plans for this property are consistent with the city of Somerville’s goals for creating new housing and aligned with the broader mission of addressing the acute housing shortage in greater Boston,” Hamilton Company Chairman and CEO Jameson Brown said in a press release. “This zoning change would enable the construction of a substantial number of two- and three-bedroom apartment units, as well as other configurations. Our vision for this project also calls for the creation of significant open and civic space, implementing city-planned streetscape improvements and a projected material increase in tax revenue over current uses.”

He continued, “We’re excited to discuss our plans and the proposed zoning amendment with the City Council and to come together with the Somerville community on a transformative development for this parcel. Creating high-quality new apartments will help address the region’s housing shortage. It will also cultivate economic activity, offer new public spaces and promote a dynamic and exciting future for Union Square.”