Developer Barry Morris has lodged plans for an 18-storey apartment building in the city, joining a building of the same height also being developed by his Morris Property Group.
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The new development, to be called Park Avenue Canberra with ground-floor commercial space and apartments above, was announced in October last year and will be the second stage of the precinct that includes Highgate apartment building.
Highgate is a residential tower development at 264 City Walk which consists of 190 apartments.
Morris Property Group split the site that housed largely vacant office buildings into two development parcels in 2015.
The application says the building, at 18 storeys, will meet the maximum height limit for the city centre of 617 metres above sea level - the so-called RL 617 rule.
It will have 184 apartments - a mix of one, two and three-bedroom units - and six levels of parking, three above ground and three below.
The block is owned by Barry Morris and business partner and developer Barry Morgan.
The two new buildings replace the original three-storey building on City Walk and 13-storey tower on Allara Street. The site is opposite the casino and near Glebe Park.
Mr Morris was also the developer of Mayfair, an apartment building on the other side of city centre, where Greens parliamentarian Shane Rattenbury bought an apartment and drew criticism for negatively gearing it. He also owned the block in Glebe Park that was sold to the ACT government in a controversial deal in 2015.
The application says that together, "the Highgate and Park Avenue Canberra developments will form a suite of buildings which will strongly define the southern boundary of City Walk and Allara Street."
The estimated $70 million development will see communal space on level four with barbecue and separate indoor and outdoor entertainment areas, and a gym.
The ground floor will have a residential lobby and shops, with commercial floor space of 460 square-metres along the City Walk and Allara Street frontages.
Mr Morgan said the application for Park Avenue Canberra was submitted in the hope that it would be approved in time so the demolition of the existing 13-storey building would be completed before residents moved in to the Highgate.
He said potential buyers can get a taste of the building via their 'sky gallery'.
"We have a display suite known on level 13, 20 Allara street of the existing office tower, comprising two complete apartments," Mr Morgan said.
"Buyers can experience first hand the finishes and quality of the apartments, whilst taking in the incredible views that are on offer."
The Highgate apartment complex, where 95 per cent of units have been sold, is expected to be finished at the end of the year.
Submissions close on the development application on February 15.
