Melbourne-based developer ICD Property and local Sydney partners Belingbak have submitted a Development Application (DA) to the City of Sydney for a $450 million tower comprising a hotel and apartments.

The existing three-storey commercial site, located at 372 – 382A Pitt Street, consists of seven separate properties which have been acquired by Belingbak over an 18-month period to create one 1,140 sqm site for redevelopment.

The proposed 56-storey building will stand at 158 metres and house approximately 304 hotel rooms, 28 exclusive apartments, as well as a ground floor retail setting.

Belingbak said the development will be, “a monumental addition to Sydney” with a first-to-market hotel and residential offering.

“As a Sydney-born and raised development team, we’ve always dreamt of shaping the city which we love,” said Belingbak founder Jack Montgomery.

“372 Pitt Street will be a thriving mixed-use project that defines socially orientated, neighbourhood and community inclusive outcomes. Working alongside our partners ICD Property, our vision is to refresh the landscape of Sydney’s CBD hotel and residential market, building on a number of complementary projects in the emerging Tech Central Precinct.”

ICD Property said it will bring a “brand new, boutique hotel brand” to Australia as part of the development, which it says will be “a catalyst for the wider precinct, delivering quality architecture, urban activation, increased job opportunities and accommodation for the southern end of the city”.

ICD Property is the only developer to have two active development sites along Sydney’s Pitt Street, the first site being the City Tattersalls Club, which received DA approval in November 2021 for major upgrades and a new 50-storey mixed-use tower comprising a 101-room Hotel Indigo by InterContinental Hotels Group and 241-high end residences.

ICD Property Managing Director Matt Khoo said it’s very rare to have two equally exciting developments on one of Australia’s most iconic streets.

“Normally, this kind of development at 372 Pitt wouldn’t even exist,” Khoo said. “That’s how rare this opportunity is.

“I’m confident will result in a truly outstanding development for the city, its users, and surrounding neighbourhood.”

DA approval is expected in the second half of the year, after which at least five architects will be invited to present their ideas as part of a competition for the site design.