Franze Developments and the Sampieri Group have joined up to build a $55 million mixed-use development on Chapel Street, submitting a development application to the City of Stonnington.
Located at 430-438 Chapel Street, Franze managing director Paul Franze purchased the 800sq m site off market for $11 million in December.
The seven-storey proposal includes 550sq m of ground-floor retail, two levels of office space and 22 apartments.
Paul Franze said that the project will stand alongside recent developments including the $1.5 billion Jam Factory project and the Fried family’s 176-room Aloft hotel on the former Spotlight site.
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Melbourne-based developer Sterling Global acquired three stores over 540sq m at 467-471 Chapel Street for $8.25 million.
Sterling Global director Brandon Yeoh said that the group will eventually build a hotel and restaurant on the site,
“But we will wait on the Capitol Grand and Aloft hotel to finish before we start,” he said.
Franze and Sampieri have engaged Jackson Clements Burrows Architects to design the seven-story building, with an instruction to provide ground level activation on both Chapel Street and Bray Street.
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“The Chapel Street interface will provide a more traditional retail and food and beverage offering, [improve the] overall quality of the pedestrian experience and promote further patronage,” Franze said.
The project is anticipated to launch in late 2018, with construction scheduled to commence shortly after.