The development, which is pending approval by the State Commission Assessment Panel (SCAP), is by development and construction company AUTA Group.
InDaily understands the building is expected to reach about 112 metres tall.
The site is only a few doors from the refurbished Her Majesty’s Theatre and across the road from the Adelaide Central Market.
It would replace the former home of small bar and performance space La Boheme, a vape store and AUTA Group’s showroom at 32-36 Grote Street.
Last year, CityMag reported La Boheme had struggled to stay afloat as it battled crippling debt.
Despite launching a crowdfunding campaign in February 2019 in a last-ditch attempt to remain open, the small bar was forced to shut its doors.
It has since been listed as for sale through real estate agent Mastracorp Group.
The buildings are currently listed as under contract.
According to the real estate website, the 1214 sqm property located on the corner of Penaluna Place and Grote Street offers “development potential”.
While 32-36 Grote Street is not listed on the state’s heritage register, the building next-door – known as Sarnia Place – is.
AUTA Group director James Guo told InDaily the apartment building would not interfere with the heritage building.
He declined to comment on the development further.
A showroom for the building is expected to be set up pending the sale of the property later this year.
Urban planning and development firm Future Urban will collaborate on the project.
The firm has worked on a range of other city developments including GPO Exchange in the city, Bohem and Wingfold Tower.
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