The plan for a $45-million seven-storey mixed-use development, inspired by the ritzy Sydney suburb of Double Bay, is on exhibition for public feedback.
On the corner Union and Kenrick streets, The Junction, the 2000-square-metre project would reshape the suburb's central business district.
The building is expected to be 30 metres tall, with 38 apartments and retail or commercial space on the ground and first floor.
The development also includes a ground-floor courtyard and two basement levels of car parking with 82 spaces.
"If you look at the type of development that has been happening in and around Double Bay over the past 15 years ... we believe the same thing can happen here in Newcastle," Diverse Property Constructions development manager Mark Randon said.
"We want to create improved pedestrian walkways, vibrant green spaces, and outdoor dining zones with state-of-the-art facilities; our goal is to enhance The Junction's amenity, accessibility, and economic strength."
The majority of the apartments (26) will three-bedroom. There will also be eight two-bedroom and four one-bedroom.
The sixth floor will accommodate four penthouse apartments, while two of the 38 dwellings will be designated as affordable housing for 15 years.
The developer will seek an exemption from the local height restrictions, with the building more than double the 14-metre limit.
A traffic study found the development was expected to add an additional 24 vehicle movements an hour in the peak morning period and 16 in the evening peak.
The project is expected to house about 280 residents and create 210 construction jobs.
A historical assessment of the site found it may contain "mixed historical deposits" due to the 1989 Newcastle Earthquake.
The same report also highlighted an incident in 1966, where a RAAF Sabre jet fighter crashed adjacent to the site "with a major section of the wreckage coming down in the backyard of a house", however, it found most items related to the crash would have been removed.
The development was declared state significant by the Housing Delivery Authority, giving it access to a streamlined planning process. If approved, construction must start within two years.
The project is on exhibition with the NSW Department of Planning and Infrastructure. Public submissions are open until Wednesday, July 8.
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