At 15 King Street, just a few doors up from the development proposal at 11 King Street, lives an older proposal for apartments over 4 storeys. The original application for this dates back to 2008, and to the best of my knowledge (and web search skills) has never appeared on the market. However, there has been activity on this permit as recently as November 2011, so perhaps the project is dormant rather than dead.
ABP Consultants did the design for this one, and they have pictures of the proposal on their site. I think it's a reasonably attractive design, not striking but pleasant, which is appropriate for the location. The centre of the facade is weatherboard; while I've never quite understood the appeal of this material, it works well in this design as it fits with the dark blue render and acts to break up the facade. Of course, these images may not be very relevant, since if anything does go up at this site, it is very unlikely to share much in common with this early design.
If, however, this proposal did go ahead, along with the proposal at 11 King Street, there would be a string of 3+ storey apartment buildings facing the market broken only by the single storey at number 13, which would be wedged in between a 5 storey and a 4 storey. I see no issue with this in this location, but I'd imagine there'd be many that disagree.