Key site gears up

The developer of a long-standing vacant site in Southbank’s Freshwater Place precinct is understood to be preparing for construction of a new high-rise tower.

Developer GL InvestmentCo Melbourne Pty Ltd c/- SJB Planning Pty Ltd has approval to build a 76-storey tower at 21-35 Power St and 38 Freshwater Place.

Plans for the $400 million project, which include 534 apartments and 286 hotel rooms, were endorsed by Department of Environment, Land, Water and Planning (DELWP) in May last year. However, conditions on the permit stipulate that construction must commence by March 25, 2020, and be completed within two years from the beginning of construction, according to a DEWLP spokesperson.

In 2015, the former Singaporean owner of the site, M&L Hospitality, had received approval from Minister for Planning Richard Wynne to build a 73-storey tower. Construction was originally due to commence in 2016, however the developer sold the site with an approved permit.

Wedged between Prima Pearl, Hanover House and developer Beulah International’s proposed mega twin tower project on the corner of Southbank Boulevard and City Rd, the Power St block represents one of Southbank’s few remaining key development sites •