Melbourne-based developer Caydon has received the go ahead for its $300 million mixed-use residential project located on the former Amcor Paper Mill site in Melbourne’s inner north-east.
Caydon received development approval for its 7,471sq m site, located at 626 Heidelberg Road in Alphington, that will bring 324 dwellings to market.
The developer had its in-house architect and design team work on the 16-level tower, which will feature three-quarters of an acre of landscaped and communal space, seven kilometres from Melbourne CBD.
Caydon picked up its 7,471sq m development site for $31 million in 2017.
Caydon's land parcel sits within the former Amcor Paper Mill site which spans a total 16.5 hectares, located on the corner of Heidelberg road and the Chandler Highway, and extends down to the Yarra River.
Yarra City Council pegged the site as a major strategic redevelopment within Yarra City and inner Melbourne.
Amcor sold the paper mill for $120 million to a joint venture between Alpha Partners and private developer Glenvill, which controls up to two thirds of the major site, after Amcor ceased production of the papermill in late 2012.
Joe Russo's Caydon Group has a $4 billion development pipeline, with projects in Australia and the United States spanning the residential, commercial, retail and hotel sectors.
Caydon chief operating officer Jarrod Stratton said the Alphington development will offer larger floor-plans catering for first home buyers, down-sizers and upgraders.
“There is a large demand for convenience and connectivity,” Stratton said.
“We’ve been able to make this picturesque area of Alphington accessible to buyers of all ages and budgets.”
The project, set to launch in the coming week, will offer a mix of three bedroom Terrace homes, two and three bedroom Skyhomes and one, two and three bedroom apartments starting from $379,000 and range up to $2.6 million.
Construction is expected to kick off within the next 12-months.