A vacant 4.7-acre industrial parcel located in a federal Opportunity Zone in Everett is envisioned as the location for a 591-unit apartment complex, the largest residential development in the city’s history.

Capital Hall Partners, a Santa Monica, California-based real estate investment firm that has a downtown Boston office, is seeking approval for two 8-story buildings totaling 483,500 square feet at 35-45 Garvey St., just off Revere Beach Parkway.

“In addition to best-in-class amenities, the project will feature unparalleled outdoor public space,” including multiple courtyards and vibrant landscaping, developers stated in a site plan application submitted last week.

Designs by architects at Stantec call for two buildings containing 5 stories of residential space above three levels of parking totaling 739 spaces, along with 25 spaces serving the project’s 7,388 square feet of retail.

To comply with Everett’s inclusionary zoning ordinance, 30 units would be reserved as affordable housing with rents ranging from $1,561 for studios to $2,319 for three-bedroom units.

Market-rate rents would start at $2,000 for the 125 studio units, $2,500 for the 299 one-bedroom units, $3,075 for the 128 two-bedroom units and $4,000 for nine three-bedroom units, according to application materials.

The parcel is located within the city of Everett’s commercial triangle economic development district, and Capital Hall Partners’ proposal requires a site plan review from the Everett planning board.

Capital Hall Partners has the project under agreement with owner 35 Garvey St. LLC, according to documents submitted to the city. Lynnfield-based 35 Garvey St. LLC bought the property in 2015 for $2.5 million.

The proposal is nearly twice the size of Everett’s largest existing multifamily property, according to Tess Kohanski, the city’s economic development planner.

The city is hoping to attract multifamily developers to other parcels in the city’s historic commercial heart along Broadway.