A DEVELOPMENT Agreement has been signed by Places Victoria and Orion International Group (Orion Foster) for a $60 million residential development as part of the State Government's Revitalising Central Dandenong project in Melbourne's south-east.
The proposed 14-storey development, located on Foster Street, will include around 140 apartments, ground floor retail and office space, as well as car parking.
"On completion, this development will offer more diverse housing options in an area that is close to public transport and the centre of Dandenong," said Simon Wilson, Places Victoria's General Manager Precincts.
"The development will also create employment opportunities during the construction phase and will stimulate economic activity following its completion, with retail spaces planned on the ground level and office space on lower floors."
Orion International Group has already invested heavily in Melbourne, with eight major projects under way. Deputy General Manager, Oliver Hu said the Group was motivated to deliver a high quality development in Dandenong as it offered enormous potential.
"Orion International distinguishes itself from other developers by delivering on location, design, quality and by bringing diverse developments to strategic locations across the world's most exciting cities. Melbourne is no exception and we are excited about playing a role in revitalising Dandenong," he said.
"Design and quality are highly valued and integral to each project to ensure each development achieves value for investors, residents and the surrounding community."
The City of Greater Dandenong has also endorsed the development, which it described as an important step in the Revitalising Central Dandenong project that will support employment and economic activity in the area.
The project will join other developments in the precinct, including the recently opened Quest Serviced Apartments, the Government Services Office, ATO building and the City of Greater Dandenong municipal building.
Revitalising Central Dandenong is a $290 million revitalisation project, initiated by the Victorian Government in 2006. It is a long-term project that is expected to attract more than $1.2 billion in private sector investment, while creating 5,000 jobs and enhancing Dandenong's appeal as a great place to live, work and visit.
"Already in excess of $500 million in private investment has been committed to Dandenong as part of the Revitalising Central Dandenong initiative," Mr Wilson said.
"Almost 40 per cent of land within the project boundary is now developed, under construction or contracted. Revitalising Central Dandenong has attracted significant private and public sector investment that has kick-started development and job creation."
There are 11 sites remaining to be developed within the Revitalising Central Dandenong precinct, primarily located around Dandenong Station and George Street.
More information about Revitalising Central Dandenong project is available from the Places Victoria website at <http://www.places.vic.gov.au/precincts-and-development/revitalising-central-dandenong>.