Site preparation is now underway for Perla, a mixed-use high-rise development at the corner of 4th Street and Broadway in Downtown Los Angeles.

The project, which is being developed by Shanghai Construction Group America, would consist of a 34-story building featuring 450 residential units above a podium structure featuring parking and 7,000 square feet of ground-floor retail space.

CallisonRTKL is designing the building, which would feature setbacks above its 12th level in accordance with the Broadway Design Overlay.

The property - formerly the site of a small commercial building - was originally entitled by prominent Spring Street landowner Izek Shomof.  SCG purchased the 4th and Broadway site in 2015.

Past reports have pointed to an approximately four-year construction timeline, which would place completion sometime in 2021.

An official groundbreaking ceremony will be held next month at the project site.