Melbourne based PDG Corporation has secured another agreement with the City of Melbourne, the latest project will see a mixed-use 110-metre development delivered in Southbank.
The land sale and development agreement, which covers a parcel of land at 132 Kavanagh Street, will comprise residential and affordable housing, a boutique hotel, and retail and community facilities.
The City of Melbourne accepted privately owned PDG’s offer of $16.5 million payment and agreement to deliver 1000sq m of community space, following a tender process for the land sale and development.
The developer, led by managing director Vince Giuliano, is already working with council on the $450 million Munro development, which includes Melbourne's first build-to-rent complex, opposite the Queen Victoria Market.
The latest South Bank deal marks the final component in the revitalisation of the former J H Boyd Girl’s school site.
Giuliano said a build-to-rent component was also a possibility for the Boyd development and “hadn’t been ruled out”.
“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.”
City of Melbourne lord mayor Sally Capp said the development will include 1,000sq m of community facilities across two levels, which will be owned and managed by the City of Melbourne.
“This will expand community services alongside our well-used Boyd Community Hub,” Capp said.
Construction on the development is expected to begin late next year subject to approvals, with completion slated for 2022.