The project, Albion Exchange, is set to be delivered over the coming 15 years.
The site has been earmarked for redevelopment for a number of years by the Queensland government as an opportunity to “improve connectivity and public transport facilities to better service the local community”.
A $28.7 million upgrade of transport facilities and access to the Albion Train Station has also been tied into the proposal.
Stage one will feature a new food and beverage precinct, health and wellbeing facilities, and two new multi-level residential buildings over a commercial and retail area.
The first of the two residential buildings will reach 30-storeys and provide 203 apartments, while the second building will be 23-storeys with 130 apartments.
“Albion Exchange is set to become Brisbane’s latest mixed-use project and will create a vibrant community heart for the inner-northern suburbs,” Geon Property’s senior development manager, Tim Rossberg, said.
“Albion Exchange is a unique inner-city development which will further the suburb’s modernisation by creating an energised and connected destination.”
Albion is currently one of Brisbane’s fastest growing areas with the suburb’s population estimated to grow by more than 4000 residents by 2036.
Community feedback sessions for stage one have been well attended.
“More than 65 per cent of the stage one site area will be dedicated to public space for the community,” Mr Roseberg said.
The proposal also includes 4,900sq m of new green open space and a public plaza connecting the east and west of Albion Road as well as 573 car parks and 461 bicycle parks.
The end of the city’s train line at Ferny Grove is also set for a major transport, retail and residential project.
Construction for Albion Exchange will start in early 2020, subject to development approval.