A new 280 room hotel is set to be built as part of a $450 million development, creating more than 500 local jobs.
Located on the northern banks of the Yarra River, Melbourne, and will be built by property developers Riverlee.
Designed by Fender Katsalidis, the hotel will feature apartments, a function centre, bars and restaurants.
Riverlee has signed an agreement with American hotel group SH Hotels and Resorts to launch the first luxury 1 Hotel. Other 1 Hotel locations include Brooklyn and Central Park in New York City, and South Beach in Miami.
The hotel will create 551 ongoing jobs, with 47 more set to staff the luxury function centre and retail outlets.
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Landscape architecture and urban design studio Oculus has also designed a park as part of the project, which aims to open up 3500 square metres of riverside public space.
Construction is expected to begin in 2020 with an estimated completion time of 2022.
Minister for Jobs, Innovation and Trade Martin Pakula said Riverlee’s investment is great news for Victorians.
“Securing one of the world’s top luxury hotel operators to build in Victoria is a clear sign of confidence in our visitor numbers, our economy, and our reputation as a city of great food and drink,” Pakula said.
Riverlee Development Director David Lee said the company is thrilled to bring Australia’s first Hotel 1 to the iconic banks of the Yarra River.
“1 Hotel Melbourne will be designed by a Melbourne based firm and will use recycled materials, including the salvaged timber from the wharf restoration works, as well as native greenery and industrial steel,” Lee said.