The development, called Kings Wharf Towers, would be opposite the Silo Hotel and would consist of two towers each with 22 units.

It would be the first high-rise living in Launceston, with the units expected to have a price tag of more than $1 million.

The units would be three bedroom, and three bathrooms. A penthouse would be located on the top level.

Mr Stewart hopes to turn the first sod on January 1, 2020, and have the units completed two-and-a-half years later.

The southern tower would be built first, with the second tower to be constructed 80 metres away for less shadowing impacts.

"It's bold, but doable," Mr Stewart said.

The towers would be 13 storeys high, just a couple of metres taller than the Silo Hotel.

In between the two towers would be a facilities area with a gym, tennis courts, ball courts and a pool.

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Parking would be on the first level, which would be above the flood levee.

A high-end grocery store would be located on site along with a number of other businesses.

Mr Stewart suggested a national retailer, that is not in Launceston yet, has expressed interest in building a store with remaining land near Bunnings.

Mr Stewart has previously said he would slow down after completing the Silos Hotel redevelopment.

He was jointly behind the redevelopment of the C. H. Smith site and this development would be bigger than when he developed the Seaport.

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