The long-planned redevelopment of Quincy Center got another boost Monday when the Massachusetts Bay Transportation Authority unveiled a plan to build 602 housing units and office and retail space at its downtown station.
The T has selected a joint venture of Hingham-based Atlantic Development and Bozzuto Development Co., of Maryland, to build above and around the 6.3-acre Red Line and bus station. The T’s board may vote on the proposal as soon as next week.
The developers would also upgrade the Red Line station, build a new bus terminal, and restore more than 600 parking spaces that were lost when the garage was closed in 2012 because of structural issues.
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The companies would make a series of payments to the T over the course of a 99-year lease that would begin at $34 million for the first phase of building.
“This has always been a linchpin to everything else that happens downtown,” said Chris Walker, a spokesman for Quincy Mayor Thomas Koch.
Quincy has long prioritized revamping its downtown, but until recently had struggled to find real momentum. Now, hundreds of apartments are in the works near the MBTA station, the 169-unit West of Chestnut apartment and retail complex is up and running, and the city last year found a buyer to turn a publicly owned parking lot into a commercial development.
The plan for the MBTA station, however, is not a go just yet.
The T’s board chairman, Joseph Aiello, said that the complexity of the project — it would involve building over tracks — requires further discussion before a vote.
If the T approves the project, it would also require approval from the mayor, Koch, and the Quincy City Council.
The work at the station would be completed in three phases. The station upgrades, new bus area, and first 300 housing units would be completed by 2023, while the rest of the project would run through 2031.
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The T would have the right to walk away from the project within six months of approval if its analysis found that it would hurt subway or bus service, require financial assistance from the state, or increase the authority’s maintenance costs, according to the MBTA’s real estate manager, Janelle Chan.
The T selected the proposal from Atlantic and Bozzuto over another bid that called for 326 housing units to be built in a single phase, with the MBTA being paid one lump sum of $6.25 million.
In another project, Atlantic and Bozzuto are building 600 housing units and 50,000 square feet of commercial property at the MBTA’s North Quincy Station.
Elsewhere on the Red Line in Quincy, Wollaston Station is scheduled to close in December for nearly two years of renovation work.
Adam Vaccaro can be reached at adam.vaccaro@globe.com. Follow him on Twitter @adamtvaccaro.