According to the Sydney Morning Herald, development company GDL has handed over an application to transform the block into apartments of varying sizes.
If the plans are given the go-ahead by Brisbane City Council, 24 one and two-bedroom flats could be created for the ten-storey complex, which has been vacant for almost two years.
In addition, proposals include plans to construct new retail space on the bottom floor of the establishment in a bid to revitalise trade of Fish Lane.
GDL co-founder Antony Doolin said: "We also see the project contributing to the community, replacing what has been an unsightly and potentially hazardous vacant site."
Earlier this week, the local authority awarded communities for their recovery efforts since the series of floods in January as part of the annual Spotless Suburb awards.
Posted by Steve Douglas