The City of Sydney is backing a plan to build a 270-metre residential tower on the site of the George Street cinema in the CBD.

Developer Coombes Property Group has proposed an 80-storey tower that will house 507 apartments to be constructed by Mirvac.

The plans include a podium incorporating several levels of retail, a serviced apartment lobby and residential lobby, in addition to two childcare centres and a community meeting facility.

“Its delivery will signal the resurgence of Sydney’s mid-town, revitalising the historic precinct which includes the adjacent Town Hall complex, and bringing it back into line with nearby Darling Harbour and Circular Quay,” Coombes Property Group director Michael Coombes said.

Construction on the tower is expected to take approximately five years.