The Hilltop apartment complex is set to close in early 2020 and move to Seattle.
The project is being financed by a group called the Hilltop Alliance, which says the $7.6 billion development will create 200 new jobs and generate $5.2 billion in economic impact.
The Hilltop will be the fifth new apartment development to be announced in the last two years, following a $1.5 billion project in June that opened in San Francisco, a $5 billion development in New York and a $4.4 billion project near Seattle.
Residents and the city say the new buildings will be good for the area, as they will create more space for walkability and less car traffic.
In a news release, the city said the Hilltops development will provide jobs, improve neighborhood amenities and revitalize the neighborhood.
The Hilltop’s developers are trying to attract investors to the project by offering the building at an affordable price, according to the release.
Residents who live and work at the Hilltops have complained about traffic on the streets, which the developers say will be cut by 50 percent, and have called for the building to be rezoned for mixed-use development.