A spokeswoman from the Moreland City Council declined to comment on the identities of parties that had lodged proposals, which was extended by a month at the request of some tendering developers who were drafting detailed plans for the busy precinct.

Representatives from developers Lend Lease and Equiset, who were reported as being in the running to redevelop the site, did not return calls from BusinessDay.

The Coburg Initiative is heavily influenced by the $A3.4 billion renewal of London’s Elephant and Castle town centre, which opened last year.

Of the 1500 apartments to be developed in the Coburg precinct, 300 homes need to be “affordable” – meaning they must be rented with 30 per cent or less of the average household’s income. Investors buying these apartments will buy so under strict conditions set by a housing association.

The project is unique in that 1200 apartments will be sold without a car park, forcing residents to use train, trams, buses and bike tracks in the precinct.

An announcement about the successful tender for the project is expected to be announced after next month.