A St. John's-based company submitted a $75-million proposal to city hall Tuesday that would change the face of the capital's harbourfront.

This is an artist's rendering of the building complex that Fortis is proposing in St. John's. (Courtesy Fortis Properties Corporation)This is an artist's rendering of the building complex that Fortis is proposing in St. John's. (Courtesy Fortis Properties Corporation) Fortis Properties Corporation wants to retrofit its existing building at the corner of Water and Prescott streets in St. John's and construct a new 15-storey building next to it.

"We believe this development will bring new business to the downtown, increase retail activity and further revitalize the city's downtown core," said Fortis CEO Nora Duke in a news release.

The plan involves removing four of the company's existing buildings at 151 to 163 Water Street and Harbour Drive.

The proposed development includes a renovation of its current building, 382 new parking spaces, an outdoor plaza and a pedestrian walk-way over Water Street.

The new tower would exceed the city's current four-storey height restriction. Company president Nora Duke told CBC News that there are already tall buildings on the corner of Prescott and Water streets.

A street level view of some of the properties in downtown St. John's that would be affected by plans to build a new 15-storey building. A street level view of some of the properties in downtown St. John's that would be affected by plans to build a new 15-storey building. (CBC)"A report done by the city a number of years ago," she said, "identified this very corner, if there was consideration being given to additional height, that this would be the type of corner to do it on.

"And that was largely because the TD place as well as the Fortis building, of course, are already in that cluster and have buildings beyond that four-storey height."

Duke said it'll be up to St. John's city council to decide if the development will go ahead.

"When the city looks at this, they will look at the issue of view planes and it is the public view planes that are sought to preserve in this city. I think it is challenging to expect that every residential view plane is going to be preserved over time."

The current tenants of the Fortis-owned properties have yet to be given eviction notices.