A joint venture between developer Michael Fox and the Costa family from Geelong, Victoria, filed plans for a A$300 million apartment tower in the Fishermans Bend locality south of the Melbourne central business district, The Australian Financial Review reported.

CostaFox's planned skyscraper at Lorimer Street will rise to 40 stories and comprise nearly 400 units, the report added.

The project aims to target new office workers in the financial area and create an "owner-occupier" product, Fox told the AFR.