The owners of Westfield Woden have submitted a proposal for a new, 16-storey commercial building next to the shopping centre.
The $118 million plans involve demolishing the currently vacant Bonner House East, located at block 21 section 19 Phillip, and building an A-grade tower.
While office space is the predominant focus of the application, hotel accommodation and childcare facilities are also being considered.
Scentre Group, the owner and operator of Westfield centres, and Perron Investments, which purchased a $335 million stake in Westfield Woden in 2016, are behind the proposal.
In its application, Scentre Group explained the new building would feature a "simple, high-quality design" that would also improve pedestrian access to the shopping centre.
"Movement to and from the mall currently requires pedestrians to skirt around the outside of the Bonner House East building whereas the new building will welcome and encourage pedestrians to move through the space on the ground level," the report said.
The building would feature public retail spaces on the ground level and a net lettable area of 21,620 square metres across the upper levels. Three basement levels would be built to accommodate 102 car spaces.
The plans also include end-of-trip facilities for cyclists on the ground floor, including showers, storage lockers and bicycle racks.
The building would aim for an energy efficient model, with solar panels and a special facade design to reduce heat gain.
Scentre Group director of development Stewart White said the commercial tower would be "transformative" for the Woden Town Centre.
"It may include hotel, childcare and premium office accommodation with world-class, end-of-trip facilities and showcase Scentre Group's responsible business strategy, through a range of sustainability initiatives," he said.
"The proposed investment will continue to establish Westfield Woden as the destination for people to live, work and play.
"It further complements the ACT government's ambitious plans to rejuvenate the Woden Town Centre and comes at a time where we expect to see other external projects, such as CIT, public realm upgrades and light rail, come to life.
"We look forward to working closely with government and all stakeholders throughout the planning process."
Scentre Group conducted community consultation on the proposal in 2020.
Public representations on the development application close on February 27.
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