A former Boston University office building could become Boston’s next experiment in the compact living model.

Everett-based Thibeault Development proposes a 4-story addition to the existing building at 601 Newbury St. to accommodate 49 executive suites on the lower four floors and 36 residential units. Building amenities would include a fitness room, remote work station, media room and lounge.

Three parking spaces are proposed for a drop-off area and deliveries, according to a project notification form submitted to the Boston Planning and Development Agency this week.

The project will require a conditional use permit for the executive suites component and variances for minimum open space and floor area ratio. The Boston zoning code defines executive suites as temporary dwellings rented to fewer than 10 people who are unrelated and live elsewhere permanently.

Thibeault Development acquired the property from Boston University in 2015 for $8.25 million. Thibeault has experience with adaptive reuse projects in downtown Boston including conversion of an office building at 151-155 Milk St. into housing and the mixed-use redevelopment of the former Registry of Motor Vehicles headquarters on Washington Street.

Boston’s compact living program eliminates minimum housing unit sizes and reduces parking requirements for projects located near public transit stops.

The BPDA is reviewing developer LBC Boston’s proposal for 350 compact living apartments in a three-building complex called Allston Green on Linden and Pratt streets, while Boston-based Mount Vernon Co. is proposing 147 microapartments at 35-43 Braintree St. in Allston.

Compact living units also have been proposed at developments in Mattapan, South Bay and Charlestown.