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Life science developer IQHQ is proposing its second major project in the Fenway neighborhood with plans for a 250,000-square-foot office-lab building at 109 Brookline Ave.

The San Diego-based REIT acquired the site for $270 million in February 2020 and is moving ahead with an initial phase of the redevelopment, demolishing a vacant three-story office and retail building at 109 Brookline Ave. to make way for the life science building.

The project also utilizes air rights above a 4,000-square-foot alley off Burlington Avenue, but does not include changes to IQHQ’s connected six-story office building at 20 Overland St.

IQHQ will seek approval under a planned development area review, according to a letter of intent submitted to the Boston Planning and Development Agency by IQHQ Chief Investment Officer John Bonanno.

IQHQ entered the Greater Boston life science market in 2019 when it partnered with Meredith Management Corp. on the 720,000-square-foot Fenway Center air rights project, which is scheduled to begin this spring on Massachusetts Department of Transportation-owned parcels between the Brookline Avenue and Beacon Street overpasses of the Massachusetts Turnpike.