Cabot, Cabot & Forbes is planning to develop the Quannapowitt residential complex on a 24-acre site bordering Lake Quannapowitt in Wakefield. An existing 220,000-sq-ft building known as the American Mutual Building will be demolished, and three residential buildings will be erected. Building 1 will be three stories and contain 87 units. Building 2 will also be three stories and have 94 residential units, and Building 3 will be four stories and have 304 residential units. There will be 532 garage parking spaces, a 3,400-sq-ft restaurant and an 18,200-sq-ft amenity space. It is being designed by Cube 3 Studio, and Callahan Construction Managers has been selected as the general contractor. The project is valued at $175 million. Cabot, Cabot & Forbes, 185 Dartmouth St., Boston, 02116. DR#20-00582721.