THE Victorian Government has announced that a landmark 226-metre apartment tower will inject life into an up-and-coming part of Melbourne's CBD, delivering accommodation and investment opportunities near services and transport.
In a statement last week, Planning Minister Richard Wynne said he had approved the 68–storey apartment tower with hotel, to be built on the corner of Bourke and Spencer streets, at the site of the Savoy Tavern.
The site was left dormant after the old tavern closed more than 20 years ago. While the tavern reopened about a year ago, the long-term plan has been for a large-scale residential project. The $350 million project will include 660 apartments and 160 hotel rooms.
"This is an iconic new building for the west end of the CBD, which will create a landmark at a key location that has been a "bomb site" for many years," Mr Wynne said.
"The project is a great example of how new developments can enhance an area, we need these projects to be built in the right locations where the streetscape improves and avoid towers on sites where landmarks and open space are shadowed.
"This building will house more residents in a part of the of the CBD that is ripe for renewal, delivering more housing options for people wanting to live close to work and services."
It is the latest proposal approved around the CBD west precinct, which is undergoing transformation. Mr Wynne said he was dedicated to approving new towers on sites best suited for density, which were close to transport and services.
The Spencer Street project will include one, two and three-bedroom apartments; the one-bedroom minimum size will be 41 square metres with an average size of 43 to 47 square metres.