A new development with apartments and a hotel on the former riverside World Trade Centre site will also offer 20 affordable homes offered at 50 per cent below market rents in perpetuity.
Minister for Planning Richard Wynne will approve an amended planning permit for the former convention centre site at 7-23 Spencer Street Docklands.
The striking triple-towered Flinders Bank project will include a St Regis hotel with 168 rooms, and hundreds of apartments, boosting city accommodation for residents and tourists.
The inclusion of 20 affordable homes means riverside living will be available for people on low and middle incomes at below 50 per cent market rents, for the life of the building, under an agreement by the developer.
The Andrews Labor Government recently introduced changes to the Planning and Environment Act to support affordable housing agreements between councils and developers, making it easier for parties to negotiate agreements to include affordable homes in residential developments such as this.
This is the first agreement landed since the legislative changes.
The Minister for Planning’s support for an amended planning permit at 7-23 Spencer Street Docklands allows for several additional changes from earlier plans.
The proposed amendment reduces dwellings from 1060 to 700, while a public plaza with landscaping, parking and pedestrian crossings has been introduced on Siddeley Street. Increased overshadowing is considered to be minimal, taking effect only at the middle of the river, and in the middle of winter.
A pedestrian link between Flinders and Siddeley Streets has been added to improve connectivity through the site.
The project is being delivered by Century City Group Australia.
As noted by Minister for Planning Richard Wynne
“This will provide new apartments for city-dwellers, accommodation for tourists and affordable homes under our new rules that encourage provision of affordable housing as a part of new developments.”
“The Docklands are a great place to live, work and visit, and projects like these are a fantastic way to attract more visitors and families to live in the area.”