Several Kings Cross nightclub owners could collectively make way for one massive apartment complex

There is talk several dozen Kings Cross club and property owners could band together and sell up to allow for one massive development to sweep over the fading red-light district.

In what could become the final nails in the Cross, there is talk that two huge residential towers could be built there.

No plans have been lodged but some owners figure the once glittering nightclubs of the Golden Mile might as well be demolished because lockout laws have killed off business.

Lockout laws might have forced several Kings Cross property and nightclub owners might be selling up to make way for a massive redevelopment. Source: 7 News

Owner of the Sapphire Lounge Charlie Saleh told Fairfax he spent the last two years bringing other owners onside to sell in a unified sale.

"In total there's almost 65 owners," Mr Saleh said.

"They are happy to sign an option agreement with a developer. I represent all of them."

The rumoured plan is modelled on Malaysia's Petronas Towers and said to consist of 500 luxury apartments with prices starting at $1 million each.

The plan could resemble Malaysia's Petronas Towers. Source: 7 News

Deputy Opposition Leader Michael Daley said, "Sydney is not Malaysia and its not Dubai.

"Sydney has a character of its own and we have to make sure we keep the character."

It was a number of violent incidents that led to the lockout laws and the drop off in business. Source: 7 News

It was the violent characteristic of the Cross and surrounds that led to the lockout laws being implemented, supported by both the government and the opposition.

But many day and night businesses have suffered since the laws came in and property owners are now jointly marketing their prime real estate.

Red lights out: The sale could mean the end of the Cross as we know it. Source: AAP

Independent Sydney MP Alex Greenwich said the answer to the city's woes was not more mega apartment blocks.

"We know that there are business that are struggling (but) what we don't need are mega buildings taking over key parts of our community here."

Keep Sydney Open's Johnathon Seidler agreed the city should not be taken over by developers with no regard for its nightlife and culture.

"Before we know it we are going to look around and everyone's living in apartments with nowhere to go out."