Finbar is set to construct Perth's tallest building outside of the city centre, with the unveiling of plans for a $300 million, 30-storey apartment tower in South Perth.
The landmark, oval-shaped tower and its 295 apartments will be built on South Perth's civic triangle, a 7206sqm site near the Windsor Hotel and just one block from the waterfront.
Initial plans below the apartment tower include a national chain supermarket, specialty stores, office space and a plaza opening onto Mends Street.
The development will complete the City of South Perth's long-term vision to create a key civic project on the site.
The council started acquiring the nine lots in 1986.
A Finbar-led consortium was last month announced as the successful bidder and will pay the city $27.3 million for the land.
Finbar said it would enter a landowner development agreement with established joint-venture partners to build the tower.
The landowners would contribute $40 million to fund the land purchase and provide working capital while Finbar would secure development finance, carry out the redevelopment and contribute $20 million towards working capital.
Finbar managing director Darren Pateman said the end value was expected to exceed $300 million, making it the company's biggest individual single-stage project.
The company is aiming for designs to be approved by the end of the year, with construction to finish before mid-2018.
"I attended kindergarten on this land, so I will be very excited to turn the sod once again when we start construction on this iconic development, albeit with a full-scale excavator this time," Mr Pateman said.
Finbar shares were trading at $1.52 ahead of a halt called to announce the project.