VICTORIAN Planning Minister Matthew Guy last week marked the start of construction of the $400 million, 226-metre Vision Tower, which is located on the corner of Elizabeth Street and Therry Street and will be Melbourne city centre's tallest residential building.
The tower, which is being developed by Brady Group, will accommodate 1,000 residents in 542 apartments over 72 floors and include a pool, gym and spa, a commercial kitchen and a residents-use-only cinema, as well as function and meeting rooms.
The Minister said the $400 million project, which is located close to train and trams stops, Queen Victoria Market, Flagstaff Gardens, Royal Exhibition Buildings and Gardens, Victoria Museum and the State Library, will generate significant investment in the construction industry with the creation of more than 400 construction jobs.
"The Victorian Coalition Government is committed to maintaining Melbourne as a liveable city of opportunity and choice. This project is further indication of the demand for quality apartment living in the city's centre," Mr Guy said.
"This development is another example of delivering Plan Melbourne, our vision for Melbourne to 2050 which supports development in defined locations with access to transport, jobs and services close by."
Mr Guy said the recently-released Plan Melbourne predicts that Melbourne's population will exceed 6.5 million by 2050, adding that it is important to unlock residential and mixed use development opportunities in and around the CBD.
"This is an exciting era of development for Melbourne with the ongoing rejuvenation of the Docklands, redevelopment of Fishermans Bend and developments like this that will provide quality living options in and around the central city," Mr Guy said.
The Vision Apartments residential development is expected to be completed in early 2016.