Wollongong real estate agent Peter Taranto plans to replace his ageing Keira St office with a new $8 million commercial and retail building.Mr Taranto's company Jerrara Investments Pty Ltd has lodged a development application with Wollongong City Council to build a four-storey commercial complex on the corner of Keira and Victoria streets.If approved, the site would provide more than 5000sqm of additional business space within the CBD.The proposal seeks to demolish buildings on site - the real estate office and an adjoining two-storey building, home to the popular Food World Gourmet Cafe - to make way for the development.An 88-space basement car park is also proposed.Mr Taranto said the timing of the proposal was fitting, given the council's CBD rejuvenation plans.If the application is approved, construction is expected to start in July, with the first tenants moving in a year later.Mr Taranto expects the complex to attract quality private and government tenants.He confirmed his real estate business would relocate to the ground floor upon completion of construction, but did not say what would happen to the Food World Gourmet Cafe.Meantime, an environmental report lodged with the council says the site's designated special heritage area classification was carefully considered when the complex was designed."The language of the building picks up on the key heritage characteristics in the streetscape and the proposal fits comfortably with the heritage items in the vicinity," the document says.Height restrictions were also addressed, with the proposed building stretching 2m higher than the maximum limit allowed for Victoria St and Keira Lane.The excess is due to the setback of the fourth storey and the slope of the site, the report says.However, Jerrara claims the excess height relates to only a minor part of one floor and will not affect heritage or visual impacts.The application will be on public display between November 24 and December 24.