A family-owned site in Chippendale is set for renewal with plans for a $100 million boutique hotel lodged with the City of Sydney.

The existing buildings, located at 55-59 Regent Street, will be changed from an educational establishment to a 119 room hotel with ground floor retail.

The exisiting facades will be retained and updated with six retail shops proposed on the ground floor and as well as a rooftop bar.

The site is directly adjacent to Fraser's $2 billion Central Park development, and is located opposite Central Station.

Related: Built Lists Heritage Refurb Off-the-Plan for $180 Million

The site's current properties are owned by Wang Management a family owned consortium.

The Wang family purchased the Chippendale properties in 1994.

They have now partnered with Sydney-based architecture firm Place Studio to deliver a boutique short stay accommodation.

“New developments can no longer be a built for purpose development, but rather, must adapt to the an ever changing social and economic environment,” Place Studio's James Alexander-Hatziplis said.

“The ground floor here has proposed just that level of flexibility with street fronting tenancies and the opportunity to bleed uses within the common circulation core of the development.”

Wang Management own and operate two other hotels in Sydney, the Posh Hotel in Chippendale and the Sydney Boutique Hotel in Darlinghurst.