Melbourne's largest integrated mixed-use precinct, the $800 million M-City Monash, is about to launch its third and final residential tower, "M-2".
The development takes up 3.52 hectares of land on the corner of Blackburn Road and Princes Highway, close to Monash university's Clayton campus and Monash Children’s Hospital.
The Saraceno Group teamed up with private developer Schiavello earlier this year after announcing the group was looking for a joint venture partner for the mixed-use project in 2014.
M-City is expected to deliver a total of 643 apartments, up to 60 specialty stores, 17,330 square metres of office space and 1905 car parks for a total of population of about 4,000 residents, workers and shoppers.
Schiavello and The Saraceno Group will retain the non-residential assets.
The Buchan Group designed the final residential tower. Buchan principal Harvey Male said M-City was designed to be something more than just a place to live.
"We are creating a community, a sense of place and an attractive alternative to city living in metropolitan Melbourne.”
Considered to be the biggest mixed-use development in Melbourne by its developers, M-City has attracted significant interest from the locals with the first residential tower selling out within 2 weeks of launching and second residential tower selling 70 per cent within the first four weeks to market.
CBRE managing director of residential projects, Andrew Leoncelli said 80 per cent of the sales to date were by local people who live less than five kilometres from M-City.