The Boston Planning & Development Agency OK'd a proposal Thursday for a 19-story apartment tower at 212-222 Stuart St. in Bay Village. Development firm Transom is behind the project, which will include ground-floor retail or restaurant space, two townhouses and 131 residential units.

“At a time when Boston is confronted with an increasingly competitive residential development market, we couldn’t be more proud of the building we’re bringing to the market,” Transom principal Bryan Lee said in a statement.

Similar to the Lovejoy Wharf condo development near North Station, the apartment tower will offer no on-site parking. Instead, an agreement has been reached with the owner of the nearby 200 Stuart Street Garage to provide parking for residents of 212-222 Stuart St. and their guests.

The $97M project is expected to break ground in 2018 and will entail improvements to the nearby Church Street pedestrian plaza as well as several parks within the Bay Village neighborhood.

The multifamily project adds to a flurry of construction and proposed projects in the Park Square area. The nearby Boston Park Plaza Hotel completed a $100M renovation in April. Across Stuart Street from the Transom site, Los Angeles-based real estate firm CIM Group bought the Motor Mart Garage for $162.5M in 2016. The company has since engaged in discussions with Suffolk Construction and Boston officials regarding redevelopment of the property.