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Melbourne-based developer Time & Place has been given the green light to proceed with a $500 million mixed-use development that will occupy one of the largest island sites on the periphery of the CBD in South Melbourne.
The approval was announced today by Victorian Minister for Planning Sonya Kilkenny as part of the state’s Development Facilitation program which is designed to fast-track housing projects across the state.
The Time & Place development, which will comprise 243 apartments over two 20-storey towers, is planned for a 2,398sqm island site bounded by Dorcas and Wells streets and Middelton Lane in South Melbourne.
After initially acquiring a site at 11-17 Dorcas Street, Time & Place spent the past 18 months acquiring four additional sites bordered by Dorcas, Wells and Middleton.
Tim Price, founder and director of Time & Place, says the additional sites facilitated a superior design and “place-making outcome” for the project which the company says will “reset the Dorcas Street and St Kilda Road corner vicinity”.
"In this vibrant corner of South Melbourne, seamlessly connected to South Yarra and the Botanic Gardens and just 1.6 km from the CBD, we envision an innovative, amenity-rich village that fosters community engagement with the Domain Precinct,” says Price.
“Our goal is to provide sophisticated yet attainable residential designs that complement the prestige of this remarkable location.
“After exploring the opportunities presented from a larger, amalgamated site, Time & Place has been able to unlock further design and amenity opportunities, evolving our original idea for the site into a true urban precinct that feels incredibly authentic to our brand and values."
The project, designed by the Bates Smart studio, will include ground-floor retail and is said to introduce “a village-style look and feel” that integrates dining options, amenities and a community activation that will link directly with South Melbourne.
Apartments will comprise layouts of one, two and three bedrooms as well as a selection of penthouses.
Time & Place Sales will launch sales of the project later this year, with construction expected to start shortly afterwards.
The developer, which has interests in Sydney and Melbourne, is also undertaking a $150m mixed-use project at Glen Iris in partnership with Woolworths Group (ASX: WOW) with the project securing approval in October last year.
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