A proposal to build 520-dwellings at the former Coburg High School is being reviewed by the Moreland City Council.
Developer Hamton is behind the mixed-use proposal, Circa, which is expected to have a c$200 million end worth.
The project would include an eight level building on Bell Street, rising to a 13-storeys behind a setback.
About three quarters of the proposed dwellings would be configured as one bedrooms.
Circa is also designed with 563 basement car parks and 545 bicycle parks.
Hamton paid a reported $10 million for the 1.12 hectare site in early 2008.
It will deliver the project with joint venture partner Macquarie Real Estate Equity Fund No 7.
The property ceased operating as a school in 1993.
The land was later owned by property spruiker Henry Kaye.
A Moreland spokeswoman said it expects to make a decision about the proposal after August.
Last month, planning minister Justin Madden announced he would fast track the development of a high rise apartment at the nearby former Pentridge Prison.