Time & Place has paid $29 million for a Southbank site abutting Kings Way with plans for a c62 level apartment tower.
The redevelopment of 84-90 Queens Bridge Street will block unobstructed south facing views of Crown Casino Promenade occupants, nearby.
The purchase was negotiated direct with New Sky Group.
The land had previously been approved for a 41-level residential building; in 2017 units within the project branded 88 Melbourne were being marketed off-the-plan.
It is adjacent to a 1.5 acre collection of five properties recently listed for sale asking c$100m and expected to wind up in the hands of a major apartment builder.
Nearby, PDG has earmarked a build-to-rent tower on part of the former JH Boyd Girls School.
New plan for 84-90 Queens Bridge Street
Time & Place said it will work with Callum Fraser to design a new project containing c450 dwellings, within 84-90 Queens Bridge Street’s previously permitted height envelope.
It added the redesign will “apply its new vision for high density living, in a format that responds to owners’ and occupants’ dynamic lifestyles, security, comfort and investment needs, as well as addressing more recent challenges presented by COVID-19” (story continues below).
The ground floor space would be activated (until recently the 940 square metre site accommodated a two storey office).
The project will also have a sustainability focus, it said.
Time & Place director Tim Price described the property as presenting “an exciting opportunity for our group as we look to deliver projects unlike others seen before in Melbourne.”
“Southbank has become renowned for glass towers, this won’t be another one of those,” he added.
“We’re looking to deliver something edgy, with a New York feel, and activate a space that the public will want to engage with.
“We’re pulling together a team of market leaders who share our values to create a project with a strong legacy that will have a lasting impact on Southbank and help its transition into one of Australia’s most liveable suburbs”.
Southbank more widely is set to undergo a regeneration as part of the City of Melbourne’s $38m City Road Masterplan, the builder said.