The MBTA gave the go-ahead Monday for a new housing development in Quincy near the Red Line.

The new transit-oriented development is set to be built on what is now a parking lot at the North Quincy station.

MBTA General Manager Frank DePaola says that even though the lot is full most days, the T can still get more out of the land by leasing it.

"We get a facility that's maintained by a private developer that our customers can use for parking and then this property that's opened up by this development could be developed and becomes taxable property in the community," he said.

The development will bring in about $2.3 million a year for the T over the life of the 99-year lease.

Two developers, The Bozzuto Group and Atlantic Development, were selected to build the project jointly. The number of units it'll house hasn't been determined yet.

Once the building is constructed, 852 of the garage's parking spaces will be available to MBTA commuters, the same number that the lot holds now.