Melbourne-based Pace Development Group has received approval for a mixed residential development in Sunshine North.
The 20-hectare site, which makes up stages four and five of the River Valley Estate project, was purchased for $34 million last year.
Five hectares of the site will now be used to develop 234 three-storey townhouses and a four-storey apartment building containing 32-dwellings.
Five new roads will also be created, as will a new shared path along the Maribyrnong River.
“Sunshine North is less than 10km from the CBD and in the heart of one of the state’s few National Employment and Innovation Clusters, it has all the markers of success and is primed for medium density development,” Pace development manager Georgia Willis said.
“We are excited to share this vision with Brimbank City Council, which has now given us the green light to proceed with our plans for ‘Pace of Sunshine North’ – a new neighbourhood that enhances and supports the Sunshine community.”
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The new residential precinct will neighbour multiple public transport options, retail centres and expansive parks and recreation facilities.
The development has also been backed by EnviroDevelopment, an environmental accreditation program run by the Urban Development Institute of Australia (UDIA).
Pace now anticipate the first townhouses will be delivered as soon as 2020.