A $1.4 billion redevelopment project, led by Newmark Capital in partnership with property group GURNER, will see Melbourne's Jam Factory transformed into a major mixed-use precinct.
Comprising retail, office, hotel, entertainment and luxury apartment living, the Jam Factory redevelopment is expected to reshape the face of South Yarra.
According to Newmark, the project aims to reinvigorate the Chapel Street precinct by building a new epicentre of retail and entertainment culture for Melbourne.
The Jam Factory site was purchased by Newmark in 2015, and a permit was then obtained for a commercial retail and office precinct.
As one of Melbourne's last remaining inner-suburban sites ripe for regeneration, GURNER CEO Tim Gurner said the development team hoped to make an important contribution to the Victorian capital.
"[This is] the most important contribution to Melbourne any developer could make, given the history and importance of the Jam Factory to Melburnians, at a time when Chapel Street is desperate for change and re-birth," Gurner said.
"We have the scale and location here to do something that is not possible on any other site in Melbourne.
"The destination will be highly sought-after by astute owner occupiers who understand the prestige and lifestyle afforded by the location."
Newmark joint managing director Chris Langford said he was excited to be working with GURNER.
"This project will unlock the potential of an iconic site," Langford said.
"The new Jam Factory will become a signature, vibrant destination for Melbourne. It will also create a significant number of construction jobs and full time employment opportunities with retail and commercial occupants.
"Our desire is to restore the status of the Jam Factory and Chapel Street, with authenticity, creativity, and community at its core."Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support