The inclusion of affordable housing in a luxury riverfront apartment project in Flinders Bank has helped its developer win approval, with Minister for Planning Richard Wynne giving the $800 million project the green light on Tuesday.
Affordable housing will make up just 20 apartments from a total 700, and will be offered at 50 per cent below market rent for the life of the building.
The project, developed in partnership by Chinese developers Century Group Aus and the Exhibition and Travel Group, is the first to win approval under recently introduced changes to Victoria’s Planning and Environment Act.
The planning changes make it easier for parties to negotiate agreements to include affordable homes in residential developments.
The development, dubbed Flinders Bank, was approved in March and comprises 700 apartments, a 168-key St. Regis hotel, 2,100sq m of retail and 500sq m of public space.
Century Group Aus secured Australia’s first St. Regis branded hotel for the second tower at Flinders Bank in August.
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Century Group Aus executive director Connie Wu welcomed the approval as a “milestone” for property development and affordability in Melbourne.
“We are immensely proud to be able to offer affordable housing for the city’s key workers at Flinders Bank for the life of the project,” Wu said.
“All of the great cities of the world recognise that housing for key workers is a fundamental infrastructure requirement in creating sustainable, functioning places to live and work.”
The 4,500sq m former convention centre and World Trade Centre site lay dormant for several years after the former congress centre behind the Crowne Plaza was demolished.
Century Group Aus acquired the site in late 2016 from Chinese developer Nuway Wy, who paid $97 million for the site furnished with a 1100-apartment permit.
Minister for Planning Richard Wynne gave the tick of approval after several changes were made to the original submission.
“[The development] will provide new apartments for city-dwellers, accommodation for tourists and affordable homes under our new rules that encourage provision of affordable housing as a part of new developments,” Wynne said.
The amended permit reduced dwellings from 1060 to 700, adding public amenity including a plaza with landscaping, pedestrian crossings and a pedestrian link between Flinders and Siddeley Street to improve connectivity through the site.
Melbourne architecture firm Fender Katsalidis designed the proposal.
