Footscray urban renewal underway
Footscray in Melbourne's western suburbs will undergo a multimillion dollar transformation over the next two years as part of an urban renewal project.
Announcing the commencement of construction on the $350 million development yesterday (August 23), state minister for planning Matthew Guy said the Footscray project would boost growth in the region.
He commented: "The McNab Avenue development…will help transform the under utilised site into a vibrant, innovative and cutting edge mixed use development in the heart of Footscray."
The 1.3 hectare site will comprise three multi-storey buildings boasting 500 apartments, commercial real estate, child care services, cafes and an arts centre.
With the development expected to accommodate 1,200 residents and employees, those looking for a lucrative property investment in the Melbourne region may be interested in the area, which will be the focus of a number of renewal projects.
"Footscray, like all our central activities areas, is essential to accommodating growth in jobs and demand for new homes in Melbourne's established urban areas," Mr Guy explained.
With the first stage of development kicking off this week, more than 300 jobs will be created for the construction of government offices in the precinct.
Mr Guy said the project is part of a number of urban renewal schemes planned for the area.