Real estate firm Hines and insurance provider MetLife have announced plans to develop a multifamily housing complex along 5.83 acres of waterfront in Quincy.

The project will consist of two, four-story apartment buildings with a total of 352 market-rate units, approximately 17,000 square feet of retail space and 500 parking spaces. MetLife will own a majority equity stake in the project. Hines will develop and co-invest.

The complex will include a significant expansion of the boardwalk, as well as retail and dining offerings at Marina Bay. A waterfront pedestrian connection between the boardwalk and Squantum Point Park will also be created. Construction is scheduled to begin in early 2015 and pre-leasing to start in 2016.

Hines and MetLife acquired the site from Flagship Marina Bay LLC. CB Richard Ellis – N.E. Partners LP exclusively represented Flagship Marina Bay in the transaction.

"We are very excited to be involved in the property at Marina Bay in Quincy," Robert Merck, senior managing director and global head of real estate for MetLife, said in a statement. "Developing multifamily housing in core urban areas is a key part of our real estate investment strategy."

This is the third residential development on which MetLife and Hines have recently collaborated.