PORTLAND – A City Council committee will try to move the redevelopment of Bayside forward, beginning with a meeting next week.

The Housing and Community Development Committee will take up a more detailed plan Wednesday for development of the 3.25 acres the city sold to the Federated Cos. in July 2011. The property lines most of Somerset Street, parallel to Marginal Way.

The proposal lays out the funding for a 700-car parking garage, with about $9 million of the estimated $15 million cost coming from federal grants awarded to the city, and the rest coming from the developer.

The city would recoup the grant money from increased tax receipts generated by the redevelopment of that section of the city.

The plan also calls for a two-phase project.

The first phase, to be completed in about three years, calls for construction of 120 to 132 two-bedroom apartments and 40 to 44 one-bedroom apartments.

It would also involve development of the garage and about 40,000 square feet of retail space.

According to the city, that phase of development would be worth about $38 million.

There is no timeline or estimated value for the second phase, which would include 250 to 268 two-bedroom apartments and 180 to 196 one-bedroom units.

Another garage would be built, with at least 340 spaces, and nearly 50,000 square feet of retail space would be developed.

According to a memo by Greg Mitchell, the city’s economic development director, the project — to be called Maritime Landing — would fulfill many of the goals of the city’s 2000 vision for Bayside, which include buying the railroad property in the area, redeveloping the area that once was scrap yards, creating more housing and developing a transit-oriented district.

The project would require the city to relax some of its building height restrictions because five of the residential towers would exceed the current limit of 125 feet.

Any zoning change would need approval from the Planning Board and the City Council.

The city also would have to modify the Bayside Trail and slightly alter the original contract with the Federated Cos.

The committee will meet at 5:30 p.m. Wednesday in Room 209 at City Hall.

Staff Writer Edward D. Murphy can be contacted at 791-6465 or at:

[email protected]