Mirvac Group submitted plans to the City of Sydney Council for the development of an office tower worth more than A$1 billion in the city's Circular Quay area, The Australian reported.

A council committee is scheduled to consider the proposed building at 55 Pitt St. June 18, the report noted. Council documents reveal that the Australia-listed developer is planning a 155.5-meter tall office property spanning 45,000 square meters.

The new property will add to Mirvac's developments in the prime block, along with its 200 George Street building, according to the June 18 report. It will also sit near Lendlease Corp. Ltd.'s 55-story, Mitsubishi Estate Co. Ltd.-backed Circular Quay Tower in the area, which has a development value of A$1.5 billion.