The Victorian Government has selected a Melbourne-based developer to take on the next phase of its Revitalising Central Dandenong urban renewal project.
Capital Alliance was awarded exclusive development rights to transform the central Dandenong area into a vibrant and integrated mixed-use precinct.
Construction will create an estimated 2600 jobs and almost 500 ongoing jobs when finished.
Upon completion, the developer expects to add more than $1.5 billion in value to the area.
The two-hectare site is located on the boundary of Dandenong station and will add 200,000 square metres of gross floor area.
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The mixed-use masterplan proposal includes a minimum of 500 new dwellings, community space, commercial offices, hotel and conference centre, an urban brewery entertainment district, educational training facility, retail, medical, cinema, a modern contemporary Little India, and a new dining precinct.
Capital Alliance Founder and Chief Executive Mohan Du said the projects is an opportunity to further urbanise and give central Dandenong the investment it needs to cement its status as the capital of the south eastern corridor of Melbourne.
“Our unwavering commitment to central Dandenong reflects the difficult year that was and the tremendous work by government to make this a reality for the community,” Du said.
“We envisage the project at completion will add $1.5 billion in value to central Dandenong, drastically improving the urban experience and overall prosperity for Dandenong.”
Development Victoria CEO Angela Skandarajah said the organisation was pleased to partner with Capital Alliance to deliver the project.
“This will be an absolute game-changer for the Dandenong region,” she said.
“We look forward to working closely with Capital Alliance to ensure the vision is fully realised and that this strategic site adjacent to the Dandenong transport hub is transformed into a vibrant and thriving economic precinct.”
Construction is expected to commence no later than 2023.