The Portland Development Commission on Wednesday approved a preliminary agreement to allow developer John Carroll of Carroll Investments to raze a city SmartPark garage and replace it with a mid-rise, mixed-use building.

The garage, located at Southwest 10th Avenue and Yamhill Street, would be replaced by a $160 million tower with 16 floors of residential or hotel space, four floors of office space, eight floors of parking and 27,000 square feet of ground-floor retail. The project is also required to be Leadership in Energy and Environmental Design certified silver or higher.

The development would reduce the amount of parking available at the site from 800 to 600 spaces. The city said it would cover $25 million to $30 million for the project, which is almost the same cost as renovating the existing garage.

Construction wouldn’t begin on the project for another few years, but a formal development contract is expected to be drafted in 18 months.

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