The project already underway is 888 Olive, a 303-unit, luxury high-rise apartment tower that will be one of the tallest buildings in the downtown Los Angeles historic district. The project is located on the corner of South Olive Street and West Ninth Street, a site that includes the 12-story Pacific National Bank building, built in 1926 and now known as the Coast Savings building.

No time frame was given for the start of the four other towers. Meola says Onni is "just hiring architects now" for the other two sites. The entitlement process for the other sites makes it likely that the 888 Olive project will be finished first, he says.

Onni Group is also in the planning stages for two mixed-use, 25 story, high-rise residential buildings in Chicago, Meola says. The project in Chicago is at the same stage as the proposed sites in Los Angeles, he says.

Susan Daly, the lead attorney working on the project with HechtSolberg, a San Diego-based law firm providing advisory services to the developer, says Onni Group has already acquired the land for its projects.

“They have other projects coming on line,” Daly tells GlobeSt.com. “All I know is that the city is very excited about the new urbanization because of the background of this developer.” Daly confirmed that the potential development costs if the other high-rise projects are approved would be near a half-billion dollars.

The Onni Group also owns a 70,000-square-foot office building at 1212 S. Flower St. That site also has an adjacent parking lot that media reports indicate Onni plans to develop with a residential building.

Onni Group says it will rent the units in the 888 Olive building, which will include an affordable housing component. The 888 Olive project is being built on the former parking lot for the Coast Savings building. The initial excavation has been finished and the lower foundation is being poured, Daly says. No tenants have been confirmed for the retail portion of the building, she says. The target opening date is some time in 2015.

The 888 Olive project was purchased in 2011 along with the adjacent Coast Savings building for $16.5 million. 888 Olive will feature one, two and three-bedroom apartment units with ground-floor retail and 40,000 square feet of community amenities, including a swimming pool, Jacuzzi, lounge and fitness center.

The Onni Group has built over 5,000 homes in the last decade. It owns and manages 5 million square feet of commercial property and over 3,800 rental apartment units. The company is family-owned.