The City of Melbourne has signed a deal with developer PDG Corporation to build a 110-metre-tall vertical village in Southbank.
The $16.5 million land sale and development agreement will see a parcel of land in Melbourne’s Southbank transformed to include the new mixed-use development, which will include affordable housing, a hotel and retail and community facilities.
1000 square metres of community facilities across two levels will be owned and managed by the City of Melbourne as part of the agreement. It will also feature a streetscape that links key public spaces together, including the new Boyd neighbourhood park.
City of Melbourne Lord Mayor Sally Capp said the agreement was a win for the community and will be the final component in the revitalisation of the J H Boyd Girl’s School site.
“We’ve negotiated a fantastic outcome to deliver community facilities and affordable housing at the Boyd site, putting the needs of a growing Southbank community at its heart,” Capp said.
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“Offering more affordable housing is one of the most important priorities for our city. This development will include 40 affordable housing units and will achieve a 6-star Green Star certification.”
PDG Corporation Managing Director Vince Giuliano said the company was excited to work with the council on this key project for Southbank.
“Similar to the Munro mixed-use development, we will deliver a precinct that reflects its distinct local character, bringing together various community spheres in one location,” Giuliano said.
PDG has not ruled out the possibility of a build-to-rent component as part of the development, following the recent agreement to deliver 490 residences at the Munro site.
“Our vision is a true vertical village on the park – high-quality residences, affordable housing, fine-grain retail and community facilities,” Giuliano said.
“It’s not often you get an opportunity to develop in a location like this. There are no adjoining high-rise buildings and an abundance of green open space, making it prime for a community atmosphere of residential and commercial spaces.”
Construction is expected to begin in late 2020 and be completed by 2022.