Stockland has spent more than three years sorting through planning issues for the $500-million redevelopment of the 10.9 hectare Toorak Road site. Its purchase from Coles, first negotiated in 2004, is conditional on the site winning development approval.
Stage one of the project includes 204 apartments to be developed on top of a new shopping centre. Most of the apartments will offer views over Toorak and the CBD. Stockland Victoria apartment manager Matthew Belford says he expects marketing to start next year.
Stage two of the project involves a further 100 residential apartments, which will look south over Malvern. Marketing for this stage is expected to start in late 2008.