Ms Le Couteur said the development was not compatible with the rules of the Curtin Group Centre Draft Master Plan.

The master plan states any building must be compatible with the desired character of the square, have appropriate scale and function of use, and minimise overshadowing and excessive scale - all of which Ms Le Couteur said was breached in the proposed development.

The redevelopment proposal put forward outlines the economic benefits for the community but Ms Le Couteur said it would only favour the developers.

"The economic viability will be for the owners of this place only," she said. "It's not for the shopping centre as a whole and particularly not for the current tenants and arguably not even for the other tenants.”

According to the development application, the $13.6 million development would replace the 50-year-old block of shops which is home to five retail tenants and residents are concerned the proposed building is too big for the square.

The new site will include three basement levels, a ground floor retail level and five residential levels with 50 units.

Residents are worried the development would dramatically alter the square's charm.

While the Curtin master plan has not yet been finalised, the 2015 draft master plan limits building heights to two storeys around the square.

Curtin Residents Association secretary Chris Johnson said Saturday's turnout was evidence the high rise building proposal should be replaced by a plan to improve the square's existing qualities.

"The idea that we have a master plan that says two-storeys around shopping centres is supported by the community and it shouldn't be pushed aside," Mr Johnson said.

The residential units will be retained by owners, the Haridemos family, for rental accommodation. The family has owned the site since it was developed in 1964.