Wellesley 40R District

John Hancock Life Insurance is seeking to build a 350-unit apartment complex as part of a smart-growth makeover for its 26-acre Wellesley Office Park near the junction of Routes 9 and 128.

The first phase would include the apartment building at 40 William St. in a partnership with multfamily developer Hanover Cos. of Houston, replacing a 4-story, 76,000-square-foot office building. The new development would include a 591-space garage and 78 surface parking spaces, according to a notification form submitted to the state Executive Office of Energy and Environmental Affairs.

The proposal is part of a larger repositioning planned for the office park, which contains eight buildings completed between 1961 and 1984 totaling 649,000 square feet. Future phases could include another 250 multifamily housing units, 650,000 square feet of office space and a select-service hotel, according to Wellesley planning board documents.

The unit mix would include 38 studios, 172 one-bedroom units, 115 two-bedroom units and 25 three-bedroom units, along with 11,450 square feet of community space and 4,000 square feet of retail.

The apartments are proposed under the state’s Chapter 40R smart growth law, which provides financial incentives to communities to approve high-density multifamily projects including 25 percent affordable units. Wellesley town meeting voters approved the 40R overlay district earlier this year.

The William Street project would enable Wellesley to receive a zoning incentive payment of $711,000, according to presentation materials made by the board of selectmen in January.