Frank Cullity Wilson owns the Bluewaters Cafe site opposite the Cottesloe Beach Hotel in Marine Parade and has hired architect Kerry Hill and Lease Equity's Jim Tsagalis to work on the project.
At a 2003 auction, Mr Wilson, of Irvine Street, businessman Kerry Harmanis and real estate agent Adam Lenegan paid $4million for the site.
Three years ago Mr Wilson bought the others out.
Cottesloe mayor Jo Dawkins said a development application lodged with Cottesloe council would be processed in the New Year.
Mr Tsagalis said the bottom floor would be retail and the four other storeys residential.
Under state government laws, developers can bypass councils and go to state government-controlled development assessment panels.
But Mr Tsagalis said Mr Wilson had chosen to lodge his planning application with Cottesloe council.
"We think that's the appropriate way to get approval," Mr Tsagalis said.
"He [Mr Wilson] lives in the area. There is nothing in the application we think is terribly controversial."
Mr Tsagalis described the building as stunning.
"It is very in keeping with the area," he said.
"The attention to quality and detail is very well thought-out.
"We are working within the planning guidelines."
Mr Tsagalis said Mr Wilson was aware beachfront high-rise was controversial and that some residents opposed it.
"We think people will be very pleased with it," he said.
Planning Minister John Day overrode Cottesloe council's three-storey beachfront height limit. The new rules became law earlier this year.
Mr Wilson (53) was a founder of law firm Wilson & Atkinson.
He also founded sandalwood firm TFS, which has its office in Nedlands.
Ms Dawkins said: "The aplication is compliant, a high-quality architectural design with equally high-quality building finishes.
"It takes consideration of the weather on our beachfront, and is in keeping with the Cottesloe beachfront aesthetics.
"It is pleasing for the town to receive such a quality and compliant application - particularly as the council is encouraging of high-quality design and finishes."
Source: The Post - 19th December 2014