Plans for a $250 million development on the former North Adelaide Le Cornu site have been revealed.

The much-maligned plot of land has sat unoccupied since the South Australian furniture store moved to its Anzac Highway site, selling the O’Connell Street property in 1989.

A string of ill-fated plans followed over the following 30 years until Adelaide City Council eventually purchased the property from Con Makris in 2017.

Adelaide developer Commercial & General lodged the plans, which will be known as Eighty-Eight O’Connell.

The development will include apartments, offices and shops across three towers, along with 400 car parks in the buildings’ basements.

The design also incorporates civic space, a feature that is understood to be high on the council’s list of must-haves since it bought the site for $34 million.

It’s estimated that the construction of the project will create as many as 433 jobs and up to 500 ongoing roles upon completion.

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The last failed proposal for a new development on the site was lodged in 2014 to much fanfare, but was eventually abandoned in 2017.

The news prove a shot in the arm for the O’Connell Street precinct which has seen increasingly high vacancy rates throughout the area.