JMB project.

A high-rise condo development planned for Century City cleared a key hurdle on Nov. 29 when the Los Angeles City Council voted unanimously to approve JMB Realty Corp.'s $500 million project.

The twin 47-story towers and 12-story building will be built by Century City Realty LLC, a subsidiary of JMB, on a 5.5-acre piece of property adjacent to the comer of Constellation Boulevard and Avenue of the Stars.

"It's a big step in the direction of creating a Century City that is more like a 24-hour city," said Century City Realty vice president Bob Nowak. "It creates a space within an urban environment that is much more livable by people which in turn enhances the retail, office and other businesses within Century City."

The towers will consist of for-sale residences and the 12-story building will feature "high-end lofts," Nowak said.

Construction will begin at the parcel in the spring, and existing buildings at the property will be razed in the next few weeks. The first tower is expected to be completed in 2010 and the second will be finished at an unknown later date. The project was designed by architecture firm Johnson Fain Partners.

As part of the project, Century City Realty will establish a $5 million community fund.