The property at the corner of Cook and Lakeshore roads, home to Pattison radio stations Beach FM and the Lizard could be transformed in the coming years.
An application seeks to change the zoning of the property from utilities and small lot rural housing to village centre for a six-storey mixed-use development.
"The proposed building is set to become the focal point of Cook Truswell Village Centre, creating a strong sense of place while also being mindful of the adjacent wetland," the application states.
"To ensure the preservation of the wetland, the development has been confined to a small portion of the site,
keeping it at a safe distance."
Preliminary plans show five ground-floor commercial spaces fronting onto Lakeshore plus 104 residential units.
Residential units are broken down into one studio, 68 one, 30 two and five three bedroom units. Five are situated on the ground floor with the remaining 99 on the upper five floors.
A parkade is proposed for the rear of the building with space for 111 vehicles. Another 136 long-term and 152 short-term bike spaces are also planned.
Amenity space, including an outdoor kitchen and pool is proposed for the third floor with a grass area planned for the top of the parkade.
It's unclear whether the radio stations, which have occupied the site since the fall of 1982, will occupy space in the building or find a new home.
The application must first pass through various departments within city hall before the rezoning application goes before city council.
Development and building permits would then have to be granted before the first piece of ground can be turned.