Council and residents opposed The Place which in 2004 was the subject of a high profile anti-development protest where Academy Award winning actor Geoffrey Rush spoke. Camberwell-born and raised entertainer Barry Humphries also attended.
Mayor Jack Wegman criticised the approved project, abutting the ritzy Burke Road retail strip, for looking like the Titanic.
The Place will rise nine levels above a basement car park, and include a new train station entrance, shops, offices and 118 flats within a jagged glass tower.
The consortium has been seeking registration from buyers since last April, but has not yet revealed apartment price details. Construction of the project was expected to start four months ago.
A VicTrack spokesman said projects in the rail environment are complex and can take time to finalise. He said tenants in Burke Road shops were vacated in June, and that environmental testing – a pre-cursor to development – starts in October.