$195m skyscraper bound for Melbourne
Melburnians will be provided with more inner-city residential property options with the approval of a multimillion dollar skyscraper in the heart of Southbank.
Announcing approval of the $195 million The Falls tower last week (August 10), state minister for planning Matthew Guy said the 71-storey building would boost real estate options in the inner-city area.
He commented: "Southbank is becoming a true vertical community, with hundreds more Melburnians expected to call The Falls home, in a precinct that has seen a huge population growth over the last twenty years."
The new 236 metre building will become the fourth tallest in the Melbourne skyline, comprising of apartments and retail space.
Mr Guy said the development would also boost commercial real estate options in the area, with the construction of ground-floor retail space part of the project.
"The approval of The Falls is consistent with the Victorian Coalition government's commitment to grow a greater Melbourne CBD and to continue the transformation of the city centre to a world-class, 24-hour city," he added.
With 586 apartments to be constructed in the building, Mr Guy said the new tower would support Melbourne's growing population by providing quality housing options in close proximity to shops, restaurants, transport and community infrastructure.