The Scots baronial Argyll Hotel, built in three stages during the 19th century, once stood on the spot but was demolished in 2011 and the area has lain derelict ever since.
The applicant Callum McLeod, director of Eeusk and Piazza Ltd on North Pier, hopes to erect a 'building containing one ground floor retail unit and 15 apartments above'.
The council approved two previous applications made by Eeusk, first to build a 63 bedroom hotel over five floors in 2012, and then a smaller 28 bedroom hotel in 2017.
The site is currently used by The Fish Box restaurant.
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