Chinese developer City Century acquired a site in downtown Los Angeles to develop a $1 billion housing and retail project after receiving an approval from the city, the Los Angeles Times reported, citing data from LandVision.

The sale of the site had been in escrow since 2015 as City Century had to secure the city approval for the project, which will replace a medical office building, a former tire store and parking lots.

The U.S. arm of Shanghai real estate developer Sheng-Long Group paid $121 million to acquire the 3.3-acre parcel at 1001 W. Olympic Blvd. from a group of physicians.

The Olympia project will comprise three interconnected high-rises of 43, 53 and 65 stories, connected at the lower levels, with as many as 1,367 apartments or condominiums over shops and restaurants.

Representatives of the sellers did not respond to requests for comment, the publication noted.