Central Equity is proposing to build a new 220-metre plus residential tower in Southbank as part of a move to boost its residential pipeline.
The developer has submitted an application for a 67-level tower at 71-87 City Road and has employed Doig Architecture to design the tower.
Under the plans, the heritage listed building on the site would be retained in its entirety.
The 224.6m tower would feature 782 apartments - 297 one-bedroom apartments, 368 two bedroom apartments and 117 three bedroom apartments.
Central Equity also has two further planning applications in the works, with projects proposed for 268-274 City Road, Southbank and 556-558 Lonsdale Road.
Urban Melbourne, the three projects would have a combined worth of in excess of $500 million and would deliver well over 2,000 new dwellings.