The Community Redevelopment Agency of Los Angeles has approved a plan by developer Pacific Atlas Development Corp. to build three high-rise condos totaling 875 units near the Seventh Street/Metro Center Metro stop.

The project, which still needs City Council approval, would be built in three separate phases on three parcels at 770 S. Grand Ave. and 717 and 721 S. Olive St. that now comprise a surface parking lot.

The tallest structure would span 38 stories and the smallest 15. Pacific Atlas previously sought to build two office buildings on the parcels in the early 1990s before the region’s recession halted the plans, according to a CRA release.

“This project provides a number of significant and dramatic benefits,” said CRA Chairman William H. Jackson in the release.

The project will include a 22,225-square-foot pedestrian walkway connecting Grand Avenue and Olive Street and 36,000 square feet of retail space for neighborhood-oriented businesses.

The agreement also calls for Pacific Atlas to contribute $1.5 million to the Skid Row Housing Trust to help develop the 115-unit Abbey Apartments and 76-unit Charles Cobb Apartments, both on South San Pedro Street.