Duffy Properties is reviewing options for the former Building 19 ½ property in Burlington including a retail or mixed-use development.

The Waltham developer is looking into several redevelopment possibilities for the 6-acre property at 154 Cambridge St., said Steven Duffy, a principal at Duffy Properties. The company hopes to have a project under way by early fall.

In October, Burlington town meeting rejected a resolution instructing town officials to look into acquisition of the property for possible municipal uses. Duffy Properties acquired the site, which includes the 100,000-square-foot former discount store building, for $6.9 million in February.

“It could go anywhere from straight retail to mixed use. Due to the location near the town center which is a little off the highway, it really doesn’t bode well for an office use,” Duffy said.

Duffy owns a portfolio of commercial properties in the Route 128 market including 400 5th Ave. in Waltham, which it bought last summer for $19.7 million.

Since acquiring the 120,000-square-foot office building, it’s spent $500,000 on building and site improvements to address deferred maintenance, Duffy said. The current vacancy rate is 27 percent.

Duffy is seeking a single tenant to fill a 20,000-square-foot space and has an additional 10,600 square feet available. It’s hoping to lure tenants with amenities such as a café and fitness center.

The complex is surrounded by development activity on the east side of Route 128 near the Winter Street interchange. Boston Properties is building The Stack, a 230,000-square-foot office complex anchored by the 150,000-square-foot offices of shoe manufacturer Wolverine Worldwide, which also will contain a Posto pizzeria and Bonefish Grill.

Clarks Americas Inc. recently leased 120,000 square feet of office space at 1265 Main St., the office and retail development which is being built at the former Polaroid property.