Evolve’s purchase paves the way for it to develop a $190 million apartment tower called The Guilfoyle, named after a former director of Melbourne’s Botanic Gardens, William Guilfoyle.
The Guilfoyle will soar 21 levels and include 353 apartments starting at $330,000 for a one-bedroom, and $480,000 for a two-bedroom.
Like some other high rise complexes in the nearby Southbank and St Kilda Road areas, The Guilfoyle will include an indoor heated pool, gymnasium, residents lounge and landscaped podium. Construction is set to start next January and take two years.
Elsewhere in Melbourne, Evolve has marketed projects in Prahran, North Melbourne and Wollert.
Its most controversial proposed project is in Williamstown, where it is hoping to replace disused factories with an apartment village including a tower that will rise 12-levels.