Canberra-based developer Geocon has lodged plans for a $350 million development in Canberra's city centre.
The developer, led by Nick Georgalis, is responsible for more than 30 per cent of apartments sold in the Canberra market.
Geocon's latest proposal will add 520 dwellings across three new buildings and cost $163 million.
The proposed mixed-use commercial and residential development would be completed in two stages, reaching a height of 12 storeys.
Stage 1, "Metropol", consists of 272 apartments in one building while stage 2, "Tryst", is made up of 248 apartments over two buildings.
Geocon purchased the Reid site at auction for $38.5 million 12 months ago.
The 10,719sq m site is bordered by Cooyong Street and Ainslie Avenue which was previously the Bega Flats public housing estate.
Documents lodged with the ACT government outline the two stages will be similar in design.
“The proposed materials for the exterior of the building include lighter grey tones of precast concrete, bronze metal or metal-look cladding or painted finish, perforated screening and timber or timber-look cladding,” planning documents said.
One-bedroom apartments would account for 50 per cent of units in stage one and 55 per cent of units in stage two.
Three levels of basement parking at the development will provide 827 parking spaces.
The development will benefit from the new light rail network which will connect Canberra's northern suburbs with the city and Wooden in the city's south.
“Metropol is pivotal in the transformation of Canberra from a suburban city into a dense, beautiful, cool capital,” the developer said.
Construction, estimated to cost $163 million, has started on all stages with an completion expected late 2020.
Geocon is currently undertaking Canberra’s largest-ever development, a $1 billion mixed-use precinct in Belconnen which will create 1213 residential apartments.
In June, Geocon announced a financing deal with international investment bank Goldman Sachs.
The deal is set to fast-track the development reducing construction time from 10 years to 3 years.