The Melbourne City Council has recently gained development approval from the state government for a $450 million apartment and hotel project.
The council purchased the 6,500sqm site in 2014 for $76 million and has brought in PDG Corporation to develop the plans. Situated opposite the Queen Victoria Market, the Munro site forms part of the council’s broader plan to overhaul the market precinct, seeing facilities go underground and transforming the large open car park into an inviting public space.
City Hall has endured some difficulty in getting the state government over the line; they have since agreed to plans for two towers of 38-storeys and 10-storeys. The agreement will see PDG develop 56 affordable housing units, a 120-place childcare facility, family and children's services centre, a community centre, and importantly a 503-bay car park on the site.
"We have now been given the go ahead to get shovels in the ground on this exemplar development which is the best Melbourne has seen in at least a decade," said Acting Lord Mayor Arron Wood.
"It will raise the bar for developments in Melbourne."
Work will commence on the community facilities, and once complete, PDG will move onto the larger building; a 300-unit apartment tower with an 80-room hotel.
The state government has also allowed, in a secondary agreement, for a nearby road to be re-aligned. This shall reveal some surplus land that will be taken over by the council to further the rejuvenation of the market and the surrounds.
"We've carefully considered this proposal and worked hard with the applicant to ensure any development protects one of Melbourne's most popular areas and treasured destinations," Planning Minister Richard Wynne said.
With work expected to commence in the next few weeks, pre-sales are set to hit the market before the end of the year.
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