Redevelopment of Brisbane milk factory site proposed ahead of Olympics

Stockwell has announced plans for a massive development in South Brisbane. (Supplied: Stockwell)

Former Olympic swimmer and developer Mark Stockwell has revealed plans for an apartment tower, hotel and Olympic hub at the Parmalat milk processing site.

The site is within the Montague Road Provisional Priority Development Area announced by the state government this month.

A development application has been lodged for the first stage of the three-stage project that will be assessed by Economic Development Queensland.

A developer has put forward a plan to transform an industrial site on Brisbane's riverfront into a 400-room hotel, an apartment tower and a precinct for the Olympic Games.

Stockwell has purchased Lactalis Australia's Parmalat milk-processing plant at South Brisbane which is set to close in September.

The site on Montague Road is near the Visy glass factory, which could feature thousands of homes with the government seeking private-sector proponents to redevelop the 7.1-hectare property.

Stockwell managing director and former Olympic swimmer Mark Stockwell said it was a "one in a 100-year opportunity" for a mixed-use development.

"When you get a site that's so well connected and can become part of the city it's a great legacy piece to think about," he said.

"This area has had its time as the industrial area, and it's now [time] to actually think about what's going to happen in the next hundred years."

The proposed three-stage development includes owner-occupied housing, a built-to-rent building comprising of one and two-bedroom apartments, and a 400-room hotel.

Mr Stockwell said below the rail line there would be a "trail of bars, taprooms and entertainment" which he has dubbed "The Beer Mile".

A concept design of part of the Parmalat site. (Supplied: Stockwell)

"I think we've learned a lot of lessons by being involved in South Bank over the years, where you've got to have this mix of residential, places where people work, entertainment and restaurants," he said.

"We just want to take it to the next level and build on what we've been doing."

Mr Stockwell said while he expected development of the five-hectare site to take up to 15 years, his focus was on creating a world-class precinct for the 2032 Olympic and Paralympic Games.

"We want this to be a party area, for it to be an entertainment area and an area that can have 100,000 Brisbane mums and dads and kids that [can] come here and can be part of that Olympic experience," he said.

Mr Stockwell said he believed a new riverside parkland could feature a "walk of champions", creat