The 31.8 metre high building would replace two existing houses on the three-lot site, which faces Allawa Motor Inn to the west.

A development application lodged with Albury Council promotes the project as worthy of the support of the city and in the public interest on six grounds.

The reasons are contained in a statement of environmental effects lodged by Albury firm Habitat Planning on behalf of Peter Zerbst and Co. Pty Ltd.

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They include it being consistent with environment and development controls and a fresh and preferred project for the edge of the CBD fringe where residential living is changing.

Habitat also states it will generally improve the streetscape, offers a well-designed building on a corner site, is accessible to various transport modes and can tap into essential services without an "unreasonable impact".

Altogether the building will contain 23 units ranging in size from.154 to 332 square metres.

They are made up of nine three-bedroom apartments, including two penthouses, nine with two bedrooms and five with a single bedroom.

Car parking for tenants and property owners will be housed in a basement with 34 bays for them and four for visitors.

There will also be two motorcycle spaces and four bike racks in the underground area and a further three visitor car parks on the ground level.

It is not the first high-rise residential development in the area.

The Hamilton, a six-storey commercial and residential building, was built just to the east on the corner of Hume and David streets in 2020.

That has a height of 20.2 metres and was worth $17 million when approved in March 2019 for the land formerly occupied by a Hungry Jack's restaurant.

The Olive Street Apartments will have to go before councillors or a regional planning panel for approval.

Public submissions on the project are now being taken by the council and they can be lodged until April 27.

Meanwhile, plans to revamp signage and replace underground fuel tanks at the BP service station on the corner of Wodonga Place and Ebden Street have been lodged with Albury Council.

The work is worth $2.079 million with the new subterranean storage tanks to reduce the risk of environmental harm to the stormwater system, while an above ground LPG tank will also be replaced.

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