SAN DIEGO -- The plan for a 12-story building to be built near downtown San Diego in the next two years is being supported by many who live and work near the area, 10News reported.

Billed as a homeless high-rise, the building would be located at 16th and Commercial streets, just east of Petco Park and south of San Diego City College. It would replace a two-story building next door to Father Joe's Villages that was built 20 years ago and is currently providing beds for 150 homeless men.

"The first three stories are dedicated to child development for homeless children. Next two levels are 150 transient shelter beds. Top three stories are for permanent onsite case management services," said Jeff Graham, of the Centre City Development Corporation.

Officials said there are 4,000 people living on the streets of San Diego County, with 900 living downtown. The project would cost $58 million, with the money coming from 11 funding sources that includes $20 million in federal stimulus money.

One reason it has garnered support from neighbors is because it would operate around the clock.

"The ones that are a problem are the ones who offer a meal or something on a one-time basis. That's where you get lines, people hanging out. The ones providing 24-hour support are not a problem," said Gary Smith, president of the Downtown San Diego Residential Group.

The project's approval is expected in January, with groundbreaking a few weeks later.