Sydney-based developer Coonara Developments has lodged plans with Waverley City Council for a $60 million mixed-use development in Bondi Junction.
The 2,070sq m site, located at 47-55 Grafton Street, is currently occupied by an eight-storey building which would be subject to demolition pending council approval.
The proposed 21-storey, designed by architecture firm Koichi Takada, will include a 6-storey podium to house double height retail tenancies and the residential lobby.
The residential building will consist of studio, one, two and three-bedroom apartment types totalling 106 dwellings, as well as 116 car parking spaces and 23 motorbike spaces.
One bedrooms will provide a minimum of 60sq m with split level luxury apartments reaching up to 287sq m.
Bondi Junction has been a hive of activity for new apartment development and has seen a spate of residential towers being lodged with council within the last 12 months.
Late last year, Stargate Property Group launched its $124 million "Bondi Central" residential tower, billed for completion is mid-2019.
Iris Capital's $70 million residential development, Grand Bondi Junction, designed by architects Bates Smart launched August last year.
Project completion is expected for 2019.
Furthermore, TWT Property's $40 million residential development, NewLife Bondi Junction, will create 70 apartments across 12-storeys.
Prices are expected to start at $774,000 for 47 sq m studios, while 192sq m penthouses are selling for more than $4.5 million.
Earlier this month, Waverley Council led by Mayor John Wakefield, asked Minister for Planning Anthony Roberts to block a proposal for giant twin towers in Bondi Junction.
The proposal to rezone 194-214 Oxford St and 2 Nelson St on the basis the 36m high development has been deemed "excessively large" with the maximum building height for the area at 15 metres.