Pace Development Group, responsible for St Kilda's "coloured stack" Icon building, is believed to be buying another site, this time in Melbourne's eastern suburbs.
The 3661 square metre parcel near the corner of Doncaster Road and Mitchell Street was offered with a permit for a five-level, 69-unit apartment complex.
Currently housing a collection of low-rise commercial buildings and an open air car park, the development opportunity was marketed by CBRE's Julian White, Ed Wright and Scott Orchard. It is understood to have sold for more than $13 million but this could not be confirmed.
The group's portfolio of upcoming projects includes 247-259 Johnston Street, Abbotsford and 73-77 Wellington Street, Collingwood.