According to the Sydney Morning Herald, the $107 million (£71.9 million) development is set to contain 96 apartments and eight floors of car parks.
Located on the corner of Collins and Merchant Streets, the striking building is situated close to a number of local amenities - including a supermarket, post office and banks.
Speaking to BusinessDay, head of Lend Lease Design's architectural team Darren Kindrachuk claimed the design aims to smooth the two corners of the roads.
"We had to have a concept that tries to camouflage the function of a car park and relate to the residential use and how it could be influenced by urban surrounds," he added.
Last year, experts expressed concern over government plans to create 640,000 new homes in Sydney in the next 20 years, believing the average large-scale Australian property would cause overcrowding in the city.
Posted by Craig Francis