According to a report in the Australian Financial Review, the proposed West Side Place project in Melbourne will contain up to 1370 apartments and will also house the Victorian capital's first Ritz-Carlton hotel on the site that was once home to The Age newspaper.

Comprising two unequally tall towers – the project will comprise one 81-storey tower that will house the Ritz-Carlton hotel, and a 64-storey tower that will hold both retail and residential space.

Set on the corner of Spencer and Lonsdale Streets, the 263-room Ritz-Carlton hotel will be housed in the top 15 floors of the tallest tower while the ground floor will house a retail, food and beverage area.

Overall, the project has been costed to just over $1-billion in its first stage.

Approved for a high rise residential build back in 2014, it was then set to become Melbourne’s tallest tower at 281m.

However, since then, another proposed residential tower in the Southbank precinct of the southern capital, the 319-metre Australia 108 project, will become the tallest residential build in the state.

While the project is set to be designed by Cottee Parker Architects, Probuild is currently the preferred builder of the two towers and has already put up their signage at the site.

A Probuild spokesperson declined to comment on the project at this point in time.

It is understood that contracts between Probuild and site owner Far East Consortium are due to be signed next month, with some preliminary work at the site already starting.