The Washington Metropolitan Area Transit Authority has approved a proposal for a $214 million commercial and residential development on 33 acres alongside Rockville Pike at the White Flint subway station.

The Montgomery County development will include two 608,000-square-foot office buildings, a 350-room hotel and a 100,000-square-foot, two-story retail shopping mall at the Metro station site. The proposal also includes 650 condominiums and 115 moderately priced rental units surrounding ponds and swimming pools in a "park-like setting" on the wooded land.

The proposal selected by Metro, which owns the land, came from the Paramount Development Co. Paramount is a partnership of the Blake Development Corp. of the District and the Richmarr Development Corp. of D.C. and Fairfax County.

The design work will be done by two architectural firms -- Hart, Holtz, Kerxton and Associates and Perkins & Will & Cohen.

Metro officials said the the development would maximize the use of transit and would integrate Metro parking and bus terminals to encourage more transit-system use.

A glass-enclosed gallery will allow commuters and shoppers to travel from the Metro stop to the commercial part of the development protected from the weather. As much of the woods on the site will be preserved as possible, Metro officials said.

The plan was developed with the cooperation of local planning officials, according to Metro.

Proposals were solicited in July 1980, and three detailed proposals were received in January 1981. The development is expected to be completed in 1985.