Finbar says it has received development approval to turn the former Ross's auction site in Maylands into a $188 million apartment complex.
The development - at the corners of Railway Parade, Tenth Avenue and Kennedy Street - would comprise 347 apartments and four commercial lots.
Finbar said the approved project known as Unison would be developed in two stages, comprising 167 apartments plus two commercial lots on Tenth Avenue and 180 residential apartments plus two commercial lots on Kennedy Street.
The company will develop the site in a joint venture with Ventrade Australia after having paid $16.7 million for the site in August last year.
Apartments from $375,000 will be available off the plan from June.
Finbar shares closed off 1.5 cents at $1.675.