A proposal for a $250 million, 41-storey tower on Parramatta's riverfront has been lodged with council by real estate firm LIDIS.
Pending development approval, the Riverside Tower will include residential apartments, retail outlets, a 1000-person conference centre and ballroom and a visitor and exhibition facility called the Discovery Centre.
A council statement said it will feature "premium grade" residences with "never-to-be-built-out views".
Parramatta lord mayor John Chedid said the proposed development would involve major upgrades to more than 4400 square metres of public domain and foreshore land and new pedestrian and cycle paths.
"This project will transform the old Lennox Bridge car park site into a world-class riverfront precinct, creating more than 700 jobs during the construction phase and ongoing economic activity after the project's completion," Councillor Chedid said.
He said the tower's Discovery Centre would replace the city's existing visitor and heritage centre and provide new opportunities.