VICTORIAN Planning Minister Matthew Guy yesterday announced the approval of two residential towers in Melbourne, worth a combined $200 million and providing more than 800 apartments when complete.
At 450 Elizabeth Street, a permit has been granted for a 62 storey (197 metres) residential building featuring 541 apartments.
The second development, at 316 Queen Street, will provide for the future protection and restoration of the historic Celtic Club, which was built in 1876.
The Queen Street development includes a 48 storey (154 metres) residential development, located near Queen Victoria Market and Flagstaff Gardens.
"The development at the historic Celtic Club site is sensitive to the heritage value of the existing building integrating the heritage façade into the recently restored section of the building," Mr Guy said.
The façade will continue to wrap the corner of Queens and La Trobe Streets maintaining the distinction between the podium forum and the new residential tower, according to the Minister.
"Private industry investment is testament to the confidence in the Victorian Coalition Government's economic credentials and these two developments demonstrate Melbourne continues to be a prime location for investment," Mr Guy said.
"The Melbourne CBD provides immediate access to public transport, to Melbourne's great retail centres and vibrant laneway culture continuing its appeal for a growing residential population."
"Continuing reform of our planning system to increase opportunity and productivity will maintain this advantage and ensure a strong construction sector," Mr Guy said.