Finbar is planning a $183 million apartment complex in Maylands after securing the Ross's auction site for $16.7 million.
The company said the complex would include 336 apartments and 21 commercial lots on 17,279sqm of land at the corners of Tenth Avenue, Kennedy Street and Railway Parade in Maylands.
Finbar will develop the land as part of a joint venture arrangement with land investment company Ventrade Australia. The two companies have worked together on other projects including the ABC site.
The company said design works had already begun with plans to seek an approval and launch a marketing campaign for the first stage of the project early next year.
Finbar managing director Darren Pateman said the company had conducted feasibility work on the particular site a few times over the years.
"I am very pleased we were able to conclude a purchase contract with the owners and that our partners were able to respond quickly to our proposal to acquire the site and join us again on another development," he said.
"It is a substantial sized block with scale benefits that we intend to pitch as a medium cost project which we are most comfortable will be a success."Finbar shares were steady at $1.28 at 8.25am.