Mystic — The Stonington Inland Wetlands Commission has approved a wetlands permit for the first phase of the 71-acre Perkins Farm project: construction of a four-story, 121-unit apartment building with associated roads and parking.

The wetlands commission’s approval of the permit last Thursday paves the way for developer David Lattizori of Groton to submit an application for site plan approval for the building from the Stonington Planning and Zoning Commission. If Lattizori obtains that approval, he can begin construction.

The wetlands commission attached four stipulations to its approval regarding requirements for inspection of erosion and sedimentation measures before the start of construction, soil testing, an inspection of the embankments for stormwater basins, an as-built drawing for each basin and a drainage calculation for Area 1 to be reviewed by the town engineer. The permit was needed because plans call for disturbing 3.7 acres of upland review area as well as 4,953 square feet of actual wetlands, where 45 cubic yards of gravel would be deposited.

The Planning and Zoning Commission already has approved a master plan to construct a 71-acre medical, academic and residential campus on the former farm located along Jerry Browne Road between Coogan Boulevard and Pequotsepos Road. It would be located across the street from the Stone Ridge retirement community. Plans call for preserving half of the site as open space.

If built as envisioned by Lattizori, the project would become the town’s largest taxpayer, generating an estimated $1.3 million a year in tax revenue and creating several hundred jobs.

j.wojtas@theday.com