ASX-listed Mirvac Group and private property developer Coombes Property Group have joined forces to develop a $500 million project at Sydney's George Street cinema site.
According to The Australian, Coombes has been in talks with City of Sydney town planners for months with the plan to launch one of the cities tallest buildings.
The development is planned to include a 235 metre high tower comprising 600 apartments.
The site was purchased by Coombes Property Group in 2009 for $85 million and according to The Australian, the joint venture will help them realise the value of the site and will help the listed group to restock its pipeline.
If plans for the landmark tower are to go ahead, the tower would rival the nearby Greenland Centre - a 66-storey tower with 470 apartments, that is expected to be completed in 2017.