The two buildings connected by a low-level structure have sat vacant for eight years, but instead of demolishing the towers, Doma Group plans to "transform", preserve and repurpose them into "airy textural warehouse and loft-style apartments along with diverse non-residential uses."

"The look is urbane, the feel organic and raw, with the intent for Canberra’s best innovators to activate the curated open spaces created in the grounds of the buildings," the group said.

"It will have a distinctly European feel and will deliver on the promise of authentic warehouse living featuring genuine industrial features and space."

The towers were built in the mid-1960s by the Commonwealth and home to the Health Department.

Doma Group purchased the site in 2010 which has been fenced-off and heavily vandalised and boarded-up since. In October last year, the buildings were at the centre of a police investigation after a group of young people were seen dangling their feet from the roofs and reportedly jumping from one building to another.

The group said the plans would bring lower-density urban living in the heart of the town centre, creating a new "third space" for all of Woden.

About 200 apartments with 3.4 metre ceilings are planned for the two buildings.

The group said the benefits of not demolishing the towers would see a one-bedroom apartment cost about $325,000. Apartments would be 65 square metres or larger, each with its own car space.

The top floor would have one and two-bedroom "maisonettes".

Balconies and "facade treatments" would render the buildings, making them unrecognisable from their current state, the group said.

A retail and commercial area is also planned, with the group saying the development had already attracted a large number of businesses including childcare centres, commercial gyms, gastro pub and brewery and cafes.

Doma plans to lodge a development application in the coming weeks and on Wednesday night met with the Woden Valley community to discuss their plans.