The controversial proposal was first put to council last year by The Capitol (Vic) Pty Ltd, a development consortium including Sydney-based Freedom Furniture founders Julian Tertini and Peter Palan, and the APN Property Group Development Fund Number 1.
Spokesman Michael Hodgson said the developer is in discussions with a number of high quality tenants to occupy space within the Bates Smart designed project. He expects a formal marketing for the remaining Capitol space to start within months.
At 133 metres, the proposed height of the tallest Capitol tower is more than three times the recently amended 38-metre limit imposed by the Minister for Planning for projects in the immediate area.
The only taller residential apartment towers are in the CBD, Southbank, Docklands, and the Royal Domain Tower in St Kilda Road.
The Capitol South Yarra was one of two 38-level proposals under consideration in Melbourne’s suburbs.
The City of Whitehorse council is currently reviewing an application to build a similar height apartment tower and office building on a car park behind the Centro Box Hill shopping centre, in Box Hill. Previously buildings of this height in Melbourne have been limited to around the CBD and Southbank.