The retail fortress of Pitt Street is to get a makeover with a tower comprising a 100-room hotel, more than 200 apartments, restaurants and a new City Tattersalls Club.
The 100-year-old City Tatts has appointed Mirvac to develop the air space above the existing club, as well as upgraded facilities for its 17,000 members.
At least seven other residential projects are planned across the city, from the Greenland proposal on the site of the former Sydney Water Board offices in Bathurst Street to the former Coca-Cola Amatil property in Circular Quay.
David Jones has also said it is looking at the possibility of using the air rights above its Market Street store for apartments.
No value has been disclosed for the City Tatts deal, but for similar developments in the city, such as the Fife Capital project at 383 George Street, the figure is about $110million.
Under City Tatts' plan, three heritage-listed buildings owned by the club at 194-200 Pitt Street would be consolidated.
City Tatts chairman Patrick Campion said the next stage would be to seek members' approval in July for the redevelopment.
The proposal for a 48-floor mixed-use building includes upgraded members' facilities up to level seven, a 100-room, four-star hotel on levels eight to 13, and apartments over 34 floors.
City Tatts chief executive Tony Guilfoyle said the aim was to reduce the club's dependence on gaming.
"We expect that the new offerings will attract local, interstate and international members, helping to secure the club's future."