Capital Alliance has won a $600 million state government contract to replace five major Dandenong blocks with commercial and residential projects.
The Docklands builder was shortlisted 14 months ago with Brady Group, MAB Corporation and Quintessential Equity.
The Revitalising Central Dandenong urban renewal initiative was unveiled in 2006 with a $290m investment “to restore the economic prominent of the region”.
Since, nearly $700m of private equity has been injected – creating the State Government Services Hub and a workplace for the Australian Taxation Office, a new council civic centre and Quest Apartments complex.
The master-plan is being delivered by Development Victoria and Greater Dandenong Council.
Five super-sites between Dandenong train station and the plaza
Revitalising Central Dandenong required the compulsory acquisition of small properties to create ones which could support high-rise development.
Five of these super-sites, covering 1.9 hectares between the suburb’s train station and Dandenong Plaza, were offered in mid-2019 – to whoever’s proposal was most aligned to Development Victoria and the council’s vision.
A community consultation period will begin next year; construction is scheduled from 2023 (story continues below).
What is planned
A new Little India will form part of the project’s first stage.
The outgoing precinct on Foster Street – regarded Melbourne’s oldest hub for Indian culture and commerce – can then be replaced with minimal impact to traders, the state government added.
Near there will be a supermarket and food hall.
Capital Alliance will then be allowed to build:
- at least 500 apartments
- a hotel and conference centre
- entertainment precincts with a brewery and cinema
- an education facility
- a medical precinct
The investments will cost $600m and have an end value of c$1.5 billion.
“We are extremely proud to be partnering with Development Victoria to deliver this once-in-a-lifetime opportunity to rejuvenate central Dandenong into the future, cementing its status as the capital of the south-east of Melbourne,” Capital Alliance founder and chief executive, Mohan Du, said.
Elsewhere in Melbourne the eight year old company is constructing the city’s first purpose-built Marriott Hotel in 25 years at Docklands.