Toyota Australia is set to change gears after revealing plans to convert most of its Elizabeth Street retail site into four residential towers with 1000 apartments.
The company has lodged a Development Application to build four towers between 47-68 metres in height on its 7,051sqm Melbourne City Toyota site at 611-681 Elizabeth Street.
The development will include 1,090 apartments split between two residential and two student accommodation towers. Student studio apartments will be 24 sqm in size.
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Toyota Australia has also proposed 3956.8 sqm of commercial space, 367 car park spaces, 1,372 bicycle spaces, 732 sqm gym and rooftop terraces.
The development will still include space for a 1,413 sqm showroom, most likely for Toyota.