Chinese developer R&F Property Australia has commenced construction on the initial stage of its $750 million, eight-building, Live City residential and mixed-use project in Footscray.
The developer’s first project in Victoria, Live City is being built on the dormant Kinnears Ropeworks factory at 124-128 Ballarat Road.
The site will be repurposed into a residential and mixed-use precinct of up to 1,450 dwellings.
R&F acquired the site in 2016 for a reported $60 million and will stage the development over the next six to eight years.
Built in 1908, the former Kinnears Ropeworks will require major conservation works to be undertaken.
"Live City will set the tone for Footscray’s newest precinct with the conservation of three heritage buildings, approximately 1,450 apartments, specialty retail, commercial offices and public spaces to bring this vibrant new community to life,"— R&F Property Australia vice president Thomas Chiu
“The development comes with a vision to create a sustainable hub that integrates seamlessly with the surrounding local neighbourhood, along with increased housing and amenity for Melbourne’s inner-west,” Chiu said.
The first stage will include 208 apartments within three buildings located on the site’s western edge between Ballarat Road and Kinnears Street. Heights of all stages will vary between eight and 18-storeys.
R&F Property Australia, part of Guangzhou-based R&F Properties, recently launched plans for a seven-building $500 million apartment project in Brisbane’s West End on a site it purchased in 2015 for $82.5 million from Pointcorp.
The masterplan includes seven residential buildings comprising 1032 apartments and retail and commercial space.
R&F Property is also developing the $400 million Brisbane 1 project at Cordelia Street, South Brisbane which will consist of 600 apartments and retail amenities.
The Chinese parent company this year emerged as a buyer for Chinese developer Dalian Wanda Group’s the One Nine Elms hotel and residential project on the south bank of London’s River Thames.