Everett officials have selected three finalists with local ties to submit proposals to redevelop a 1-acre parking lot at 36 Norwood St. as the cornerstone of a downtown redevelopment plan.

Five developers responded in August to the city’s request for interest including Chicago-based Equity Residential, a publicly traded multifamily specialist that owns more than 80,000 apartments nationwide, and Sacro Development of Everett.

The city’s redevelopment authority has selected three local developers who will be invited to submit formal proposals next spring for a mixed-use development: Di Giralomo Cos. of Everett, which owns an adjacent commercial property; Legacy Building and Development of Everett, led by Charles Zammuto; and a joint venture by Chestnut Equity/Building Wealth & Communities/Boston Realty Advisors.

“We felt the three that were advanced offered the strongest proposals based upon the criteria,” said Tess Kohanski, Everett’s economic development planner.

Responses were graded based upon factors including experience, affordable housing, community and open space, mixed-use high-density development, streetscape vibrancy, adequate public parking, and efforts to retain or partner with existing businesses.

The 100-space municipal parking lot is the first property targeted for redevelopment in a 67-acre urban renewal area approved by the state Executive Office of Housing and Economic Development this year.

Everett officials said the city-owned parcel could be combined with adjacent commercial properties on School and Norwood streets to create a 1.8-acre development site for a mixed-use project.

The request for proposals will be provided to the three finalists in early December, Kohanski said.

The project is not the only large multifamily proposal active in the city. Earlier this month, Santa Monica, California-based real estate investment firm Capital Hall Partners sought approval for two 8-story buildings totaling 483,500 square feet at 35-45 Garvey St., just off Revere Beach Parkway.