$750 Million Caulfield Village Plans Advancing

CONSTRUCTION of a $750 million village including office towers, apartment buildings and a shopping centre on the grounds of the Caulfield Racecourse is expected to start within 12 months.
 
Melbourne Racing Club has submitted its final assessments and reports to the Department of Planning and Community Development, which is reviewing a planning scheme amendment affecting five hectares of land at the northern-most tip of the race course site, between Caulfield train station, Heywood Street and around Members Drive.
 
MRC’s plans for the “Caulfield Village” project include two commercial buildings of 12 and 15 levels and comprising about 20,000 square metres of office space.

The development will also include a 10-level residential tower, a 100-room serviced apartment complex, a 250-unit “over 55” community and a 15,000 square metre shopping centre including a supermarket, specialty shops and two cafe and restaurant precincts.
 
MRC development manager Brian Discombe told BusinessDay he hopes a comprehensive development proposal will be on public display by the end of the year. He expects construction of Caulfield Village will take place “west to east”, meaning aged care units, apartments and retail will be developed before the offices, which have frontage to Normanby Road.
 
The MRC will retain some of the commercial assets in the project as income-generating investments. Caulfield Village is expected to be developed over the next five to seven years, Mr Clark said.
 
An existing road connecting the Princes Highway to the Caulfield Village site will be extended into the mixed use project, which will also include cycle paths, and a range of sustainable design initiatives.