The building will be built where Commerce Park Buildings I, II and III stand at the southeast corner of the intersection.
The property sold for $4.1 million in September to The NRP Group, LLC and Munsell Realty Advisors, LLC. City Planner George Smerigan said the buildings will be torn down to make room for the new apartments if the legislation passes. Tenants from those offices will move to Buildings IV and V.
The property was close to foreclosure before it went to Marketview Properties, LLC, added Smerigan.
Demolition on the Commerce Park office buildings are expected to begin in mid-August, said a representative of The NRP Group.