A $200 million development of three residential towers has been given the green light at the former site of the Melbourne Convention and Exhibition Centre site on Spencer Street.The joint venture between Eureka Funds Management and Asset 1, part of the Riverlee Group, is part of a $1 billion project to rejuvenate and transform the under-used precinct overlooking the Yarra River.
The apartment buildings, designed by leading Melbourne architect Elenberg Fraser, will span between 27 and 34 storeys, and will contain 1060 apartments, retail space, 451 car parks and 160 bicycle spaces.“This is a good development in a prime location near Southern Cross Station, trams and public space along the Yarra River which will provide more housing at the gateway between the CBD and Docklands,” Planning Minister Richard Wynne says.
The towers are designed to take advantage of the panoramic river and city views.
“It is exciting to help create one of the leading residential projects in Australia. Its proximity to the CBD, the Yarra River and Crown Casino entertainment precinct makes it a very special opportunity,” says Eureka Director, Quentin Shaw.
Limits on the height of the buildings mean the project will not overshadow the Yarra River, while the developer agreed to remove planned footbridges.Part of the Convention Centre is being demolished to make way for the development, however the 13-level Crown Plaza Hotel will remain.
The project will create 1291 jobs, and because of the size will be delivered in stages.
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