Two former Olympians have bought the Parmalat factory site in South Brisbane and plan to redevelop the area.

Two former Olympians have bought the Parmalat factory site in South Brisbane and plan to redevelop the area.

Developer Mark Stockwell has revealed plans for an apartment tower, hotel and Olympic hub at the Parmalat milk processing site on Brisbane's central riverfront.

Development in South Brisbane is booming, with work beginning on new tower next to Fish Lane as plans to completely transform the waterfront emerge.