The Onni Group, a Vancouver-based real estate development firm, has started site preparation for a high-rise residential building in the South Park neighborhood of Downtown Los Angeles.

The project, which is replacing a .87-acre parking lot at 820 S. Olive Street, will consist of a 50-story tower featuring 583 residential units and 4,500 square feet of ground-level retail and restaurant space.

However, permit filings from the Los Angeles Department of Building and Safety indicate that the project may have been scaled down to a 49-story building containing 516 dwellings.

Renderings from Chris Dikeakos Architects portray a modern high-rise building, featuring exterior materials including concrete, metal panels, stone and glass. At 637 feet in height, the tower will be among the tallest residential buildings in the state of California.

A five-level podum spanning across the property will provide the majority of the development's 600-car garage. Above-grade parking levels will be obscured from view by residential units along both Hill and Olive Streets.

The podium roof will function as the project's residential amenity deck, which will feature both a swimming pool and a garden. A series of two-story townhouse units will sit at the northern side of the podium.

The project is located almost immediately north of LEVEL Furnished Living DTLA, a 33-story corporate housing complex that was completed by Onni last year.