Boston-based Berkeley Investments plans to build 171 apartments overlooking the traffic circle in Charlestown’s Sullivan Square, demolishing one commercial building and renovating a second.

The plans by ICON Architecture of Boston call for demolition of 572 Rutherford Ave., a single-story commercial building primarily occupied by Graphics Arts Finishers, and its replacement with a 4-story building including 119 apartments and 98 partially below-grade parking spaces. The U-shaped building would surround a courtyard and ground-floor units would have private patios.

The 3-story commercial building at 32 Cambridge St. would be renovated into 52 loft-style apartments and 2,500 square feet of retail space.

Access to the parking garage would be provided from a Massport right-of-way on Rutherford Avenue. Berkeley is in negotiations with Massport to provide access, according to a project notification form filed Monday with the Boston Redevelopment Authority.

The development would contain 23 affordable units to comply with the city’s inclusionary development policy, according to the application.

With its proximity to the MBTA’s Orange Line, Sullivan Square is experiencing an uptick in development and city officials have studied redesigning the area around the traffic circle to create a walkable environment. A 2013 study by the Metropolitan Area Planning Council recommended redeveloping seven publicly owned parcels, most of which are currently used for surface parking, as transit-oriented, mixed-use projects. The traffic circle would be replaced by a grid of local streets.

Casino developer Steve Wynn has agreed to pay for $36 million in infrastructure and traffic mitigation in the Sullivan Square area as part of a surrounding community agreement with the city of Boston reached in January. Sullivan Square is expected to be the most heavily used route to Wynn Resorts’ planned 3-million-square-foot casino in Everett.