If approved, a six-star luxury hotel tower will be added to James Packer’s Crown Melbourne Southbank casino precinct.

The hotel will be designed by British architects Wilkinson Eyre, and will feature a restaurant that can be accessed by the public, 388 rooms and garden terrace and lounge at the top of the hotel’s 317-metre (approximately 1040 feet) glass tower. During the development phase of the six-star Queensbridge hotel, 3,000 construction jobs will be added, and upon completion 1,000 permanent positions will be established, according to Crown chief executive Rowen Craigie. The total cost of the 90-story tower is estimated at $1.5bn.

According to the guardian, on Monday Packer said in a statement he issued, “Wilkinson Eyre have designed a beautiful and elegant building that is destined to be an important addition to the Melbourne skyline.” Packer added, “The development will also assist Melbourne in attracting more high net worth tourists, reinforcing the city’s appeal as a destination for important international conferences, sporting and cultural events.”

The tower is subject to financing and planning approval, and the finalization of joint venture documentation between Crown and partner the Schiavello Group. When completed the Packer-owned Queensbridge hotel tower will be taller than the 297 meter Eureka Tower in Southbank and five meters shorter than the Gold Coast’s Q1 tower.

Height limits and state government planning laws may hinder the tower’s development according to Melbourne City Councilor Stephan Mayne. In addition, the federal government has height restrictions on buildings that are under flight paths. Mayne said that due to flight path restrictions a building shouldn’t exceed 250m and added, “So obviously something above 300m and taller than the Eureka tower would be an interesting one for the Turnbull government and the aviation regulators, as well as the other issues associated with the size of the proposal that the state government and council will need to consider.”

The Crowne Casino opened in 1994 in its temporary location at the time on the north bank of the Yarra River at the World Trade Center, now the WTC Wharf, in Melbourne, Australia.