Bayview Condos will be the tallest residential building in Sydney’s CBD, the developers announced on Monday.
The company is partnering with architects and landscape architects on the project, which will be known as Bayview Apartments.
The tower will be completed in 2020 and stand at more than 3,000 metres (8,200 feet) above the ground.
It is being built by developer RTE Architects and the project is being overseen by developer Pinnacle Partners.
The first phase of the project will include the first of seven units at the new building, with the other four being completed by the end of the decade.
The other eight apartments will include a terrace terrace that can be accessed by a small elevator.
The development is expected to create more than 100,000 square metres (25,600 square feet) of retail space.
Aerial view of Bayview apartments site.
The project is expected not to create any new jobs in the area, but will provide affordable housing to the residents of the neighbourhood, as well as providing the building with a new amenity.
The Bayview project is the first in Sydney to be designed by a local developer, with other developments in the city including the City of Lakes, the City and County of Sydney, and the Southbank in the City.
Bayview Apartment is one of the first projects to be approved by the Planning Department.