Last Tuesday, Monash Council introduced a planning scheme amendment for the site after a proposal by owner VicTrack Access for a retail, office and residential development on the east side of Kingsway between Coleman Parade and Railway Parade North.

Under the council's amended planning scheme, the development must include a minimum two storeys of basement car parking and achieve an "architecturally significant" design.

The project is expected to adhere to green building design principles.

There will also be a link to a proposed stage two of the redevelopment - a pedestrian plaza on the central car park site between Kingsway and Springvale Road.

Monash Mayor Tom Morrissey said the council had long discussed the potential development of the site with VicTrack and the Government.

"The proposal is certainly in keeping with the council's concept plans for what is known as the Hub Precinct."

He said the council was generally supportive of a mixed-use development for the precinct, but would make a final decision on the amendment after community consultation.

Glen Waverley ward councillor Dane Manzie said the railway station precinct needed to be "invigorated with heart and soul". "There are not many residents that would disagree that this area is tired."

Fellow Glen Waverley councillor Geoff Lake said the report was "one of the more significant reports ... in the life of this particular council".

He said the proposed building would be a storey taller than Glen Waverley's existing tallest structure, the Novotel Hotel, and would provide badly needed floor space and car parking.

A spokesman for VicTrack said its role was to identify and evaluate commercial opportunities at railway hubs.

"VicTrack is particularly interested in pursuing developments that provide integrated transport improvements."

Glen Waverley Traders Association president Christo Christophidis said the proposal could be akin to the Spencer Street station redevelopment.

"Not only will it add variety to the area, but it could be a new landmark for the whole area of Melbourne."

The planning scheme amendment, sent for authorisation by Planning Minister Justin Madden, will be placed on public exhibition.