The centre was replaced with a $1 billion facility on the southern side of the Yarra River.
A $100 million development is also mooted for the riverfront World Trade Centre site, with Victoria Police speculated as a possible office tenant.
In 1997 The Victorian Government paid $176 million for the old Melbourne Convention Centre leasehold of the building and a car park.
Clement Lee is prominent within Melbourne property circles as a property investor. Recently he has expanded the Riverlea company’s residential arm, proposing a 12-level, 189-unit apartment complex to replace an office at 108 Flinders Street.