Fjmt prepared an illustrative design to demonstrate the potential to create a complete re-development of the building’s envelope.
The new proposal includes a boutique 100-room, four-star hotel and a 246-residential apartment tower.
ICD Property’s deputy managing director Matthew Khoo said the activation along the ground floor with modern restaurants and bars would encourage public connectivity.
“We’ve also greatly considered how to best integrate the building into its neighbouring surroundings to ensure the highest quality outcome not only for the site but the entire surrounding area,” Khoo said.
The 49-storey development project will also deliver ICD Property’s first project in Sydney’s market.
The developer’s recent residential projects include the 65-storey Eq Tower in Melbourne, and a Woods Bagot-designed 50-level skyscraper in Auckland, New Zealand.
Subject to City of Sydney’s concept approval, architects will be invited to participate in a design competition. A jury, along with ICD Property will then select the final architect for the Pitt Street development.