Canberra developer, Zapari announced it acquired three blocks opposite Westfield with plans to build a $400 million development.

The project is one of a flurry of high-rise residential developments in the pipeline for the Woden Town Centre, and there could be more on the way.

It comes as the ACT government has released a 1.1 hectare site in the town centre as part of its urban renewal phase in Woden.

This site was a former carpark on the corner of Melrose Drive and Corinna Street, and its sale had been flagged in the ACT government's land release program.

An indicative yield for the development provided by the ACT's Planning Directorate is 480 dwellings.

While Zapari would not release specific plans for its site, on the corner of Brewer Street and Corinna Street, it said it would be "one of the tallest" in the town centre with more than 600 apartments.

Offices, retail offerings and a hotel could also form a part of the the proposed development.

It would be designed by Cox Architecture.

"The initial concept building design has been given the nick name - 'The Corkscrew', which is a play on the unique architectural form and expression of the preliminary concept building design," Cox Architecture director Ronan Moss said.

Zapari purchased the site off-market in a sale brokered by Intellectual Property and Civium.

There are currently three office buildings on the site and many of the offices are vacant. The site includes a GIO Insurance office, a restaurant and a dental surgery. The buildings are adjacent to Chemist Warehouse but this was not part of the sale.

"We are delighted to have acquired this site on attractive commercial terms and we are excited to set a new benchmark in urban and building design," Zapari chief executive Nick Skepev said.

Zapari would not confirm how much it paid for the building or who the previous owner was - only that it was an private, interstate landlord.

Sales records from Australian Property Monitors showed Wang House at 32 Corinna Street, one of the buildings purchased, last transacted in 2006 for $7.1 million.

Woden Valley Community Council president Fiona Carrick said she was concerned about the density of the site and also about the availability of wider green space in the town centre.

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"While we welcome development we are concerned about 600 apartments on a very small block," she said.

"We are also concerned about the ACT government ignoring our requests for a land use plan to identify sites for open green spaces for children to play and social facilities... to develop an attractive and walkable urban precinct for the residents in Canberra's south."

Many Canberra developers have built, or proposed, high rises in the Woden Town Centre in recent years, which would bring thousands of new residents.

In 2018, the ACT Legislative Assembly approved a draft variation to the territory to allow buildings up to 28 storeys tall in parts of the Woden Town Centre but a developer has yet to lodge an application for a 28-storey building.

The tallest building has been proposed by Hindmarsh who lodged an application for a development that included a 26-storey building.

A 26-storey building is also planned in the Grand Central Towers development by Zapari and Geocon.

Geocon has also received approval for a 800-unit complex with a 24-storey building on the site of the former Woden Tradies Club.

Amalgamated Property Group has already completed two high-rises, Trilogy and Ivy Apartments, and has proposed more on the former site of the Yamba Sports Club.

Plans for the redevelopment of the former public housing site, Strathgordon Court, on the Lyons side of Melrose Drive are also set to be revealed next week.

The ACT government has focused efforts on what it called the "rejuvenation" of Woden.

Last week, Minister for Transport Chris Steel reiterated the plan to take the second stage of the light rail to Woden, despite the complex approvals needed to travel across Commonwealth Bridge.

"We are getting on with the job of taking light rail to Woden," he said.

"We want to build on the success of the first stage of light rail, and this is the next step in the process to take those benefits to Woden."