An application to redevelop South Yarra’s Jam Factory as a mixed-use village with an end value of $1.5 billion will be lodged with council next week.
The proposal – for four apartment towers, two offices, a hotel, revamped retail and a multi-level plaza around an amphitheatre – replaces a commercial scheme, which was applied for in 2017, and would have been worth $1.25b.
In 2008, and under a former owner, the site was mooted for a c$700 million rebuild, with just one major tower.
The Jam Factory is owned by Newmark Capital – which acquired the c1.9 hectare property for $165m from Challenger in 2016 – with Gurner and Qualitas, which bought into the project in March.
The revised plan
The latest proposal would see the northern-most part of the shopping centre – home to the Soda Rock Café – demolished to make way for a smaller building and laneway connecting the project to Chapel Street.
This detail is unchanged from the 2017 plan.
Two of the new apartment complexes will rise 25 storeys; the others are earmarked for 17 and 12 floors.
All up they will contain about 400 high-quality dwellings (story continues below).
Two offices, each of 10 levels, and with a total of 22,500 sqm, would be dotted amongst them (the 2017 scheme contained c50,000 sqm of commercial buildings in four towers).
The existing retail space, including a cinema, will be refurbished and extended to c21,500 sqm, around a large staircase which will dub as amphitheatre seating.
A 5-star hotel with c180 suites is also earmarked.
Bates Smart with Leonard Design Architects and London’s Townshend Landscape Architects are behind the proposal.
If approved, construction could start next year and be completed by 2025.
Newmark is expected to hold the retail and office components.
Subscribe to our newsletter at the bottom of this page.