The Quincy City Council unanimously voted on Tuesday to move forward on the development and reconstruction a mixed-use project.

The project, proposed by LBC Boston Partners Properties, is a 27,000-square-foot space at 1500 Hancock St. The project will contain 171 new apartments and is expected to offer more than 15,000 square feet of commercial space with restaurants, health care facilities and specialty store tenants.

The council approved a land swap between LBC and the city, trading a city-owned lot behind the property for developer-owned frontage which will be made into wider sidewalks, a public atrium and open pedestrian space.

LBC officials said that with the vote on Tuesday, construction can begin immediately with demolition of the current site set to begin by the end of next month. The project still needs final approval from the city’s planning commission, which is expected to take up the issue on May 10.

“We couldn’t be happier and this project really shows what can be done when city government and private businesses work together to achieve common goals,” LBC Managing Partner Andrian Shapiro said in a statement. “This will really help revitalize downtown Quincy.”