A planning application has been submitted for an apartment block on the former Hamilton shirt factory site at John Street.
The application is for a residential development which will include 24 two bedroom apartments, for three people, and 20 one bedroom apartments designed for two people.
It will also have car parking spaces built into the design and the apartments are likely to attract young professionals.
The building will be positioned at the top end of John Street, and will provide a new vista for those entering the city via the Craigavon Bridge.
The site has remained undeveloped since the factory collapsed in January 2012.
The building was deemed unsafe after an internal wall collapsed and was demolished safely the following week.