Brisbane City Council received a development application on June 16 proposing 492 units across two towers for the site at 44-100 Barry Parade, Fortitude Valley.

In August, the state Department of Environment and Heritage Protection received an application for 62 Barry Parade, which is within the development site, to be recognised on the state's heritage register.

Fairfax Media reported in September the two-storey building was built in 1937 and home to Queensland's first motorised taxi company, Ascot Taxis, a company which has been in the news recently regarding the Sharron Phillips murder mystery.

The developer Land and Home Group's development application said a "service station and other car-orientated uses existing on the site that is incompatible with the land use intentions of the area" would be removed.

The council gave the development the green light on October 6, while the state government assessment of the heritage building was still pending.

Council's city planning chairman Julian Simmonds said the site of the approved development had been zoned for high-density under the Fortitude Valley Neighbourhood Plan, which was adopted in 2010 following community consultation.

The council also assessed the character and heritage value of 62 Barry Parade through that plan.

"Council did not receive any nominations for heritage listing at the site, and based on the information available to council at the time, the site did not have any heritage or character value," Cr Simmonds said.

"This building is not marked for preservation under the neighbourhood plan."

A state Department of Heritage Protection spokesman said the heritage application was still being assessed by the department and it was likely the Queensland Heritage Council would not make its decision until early 2018.

"If the place is entered into the Queensland heritage register by the QHC, then any development will require heritage approval," the spokesman said.

In response to resident's submission raising concern about the potential heritage of 62 Barry Parade, the developer said the site did not have any current state or local listings and was not identified as comprising any buildings of heritage significance.

"Furthermore, there is an existing development approval over the site for two mixed-use towers which includes the removal of all existing buildings from the site," the submission response said.

In 2015 the council approved a two-tower mixed-use development with 592 dwellings.

The recently approved development overrides the previous approval.

Fairfax Media reported in July development sites in Fortitude Valley previously marked for high-rise apartment buildings had been scrapped in favour of commercial buildings.

Land and Homes Group Executive Director Grant Archibald said the location was highly sought after and the development would bring a premium apartment offering to the inner-city market.

"Despite the amount of development which has gone on in Brisbane's inner-city in recent years there is an absence of really good quality, spacious apartments for long-term owner-occupiers," he said

This is the first Brisbane development for Land and Homes Group and will feature two towers rising to 26 and 37 storeys and will have 492 apartments ranging from one to three bedrooms along with ground floor retail precinct.

Each tower will have its own private rooftop facility and the northern tower will include a gym, lap pool and lounge area for guests of both towers.