THE Paris end of the Melbourne CBD is set to see the construction of a new apartment skyscraper.

The former Naval & Military Club at 27 Little Collins Street will be demolished and replaced with a 32-level tower, targeting two types of high-end buyers.

Levels 15 to 25 of the new building will include 142 apartments priced from $385,000 for a one-bedroom, and $580,000 for two-bedroom apartments.

Larger, luxury apartments will be developed between levels 26 and 30, where one bedroom flats start at $590,000 and two-bedroom apartments, from $1.087 million.

A penthouse occupies the highest floors, while the lowest 14-levels will trade as a hotel, flanked by ground floor shops.

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