A massive parking lot located near Florida and 16th streets could become a nine-story, 151-unit mixed-use building.

The project’s would-be developers — a partnership between DM Development and Urban Land Development — purchased the parking lot for $11.2 million in early December.

The project would include 28 units of on-site affordable housing and 1,577 ground-floor square feet of retail space — though these plans are not set in stone. Official plans for the site should be submitted to the city by mid-February.

“It’s very early in the process, so there’s not a lot of details,” said Mark MacDonald, the CEO of DM Development.

The developers are positioning themselves to invoke California’s Density Bonus program, which would add 35 percent density to the base project and bring it up from seven to nine stories. A “base” project — meaning without the invocation of the state law — would be a seven-story, 112-unit building.

MacDonald said that as the process moves forward, “we will be doing a lot of community outreach.” Through that process, he said, more concrete plans will be worked out.

DM Development has several projects in the works in San Francisco — 27 units at 188 Octavia Street and 41 condos at 1515 Union Street — but nothing this big. MacDonald said his company has a lot of experience working in San Francisco.

But is he ready to build in the Mission District?

“We are certainly aware that there are passionate people in the neighborhood and in San Francisco,” he said. “We’ve worked with neighborhoods across the city and very much looking forward to working in the Mission with everyone else.”