Urban Construction Commissioner Mark Pritchard wants to take the land off the market.
The $1.5 billion, 100-storey, mixed-use project would include a new $20 billion office tower, a 200-room hotel, retail and retail space, a new supermarket and a residential and commercial tower.
The project has been proposed by developer Moneysphere and is backed by the Victorian Government and the Victorian Building, Construction and Construction Management Agency (Vectec).
The site is part of a cluster of buildings and development sites, including the Victoria Convention Centre and the Victoria Exhibition Centre, that make up the city’s central core.
The commission said the project was likely to be “very costly”.
“The cost of this proposal would be about $1bn,” Mr Pritcher said.
“This would be built using an existing site that is now in the process of being redeveloped.”
The site has significant heritage value.
“It is also near a heritage-listed building site.”
Its important that it is redeveloped and that it be able to continue to serve the city of Melbourne.
“We need a city centre, it’s not a small piece of land.”
Mr Pritchers proposal for the site includes a new hotel and residential tower.
Mr Pritch’s team are proposing a tower, with an estimated price tag of $2.8 billion, at the site.
The site would be located between the Melbourne Convention Centre, Victoria Exhibition centre and the Commonwealth Building, which is currently being redevelope.
Mr Pritic said he hoped the commission would consider the site’s heritage value and potential impact on the community.
“There’s a lot of potential in this site, and I think it’s important that we do it right,” he said.
Mr Brough, the city council president, said the commission’s decision was a welcome move.
“I’m delighted the city has made this decision to take this site off the markets,” he told ABC News.
“It is a historic site that has significant history.”
He said it was a “good outcome” for the developer.
“A lot of work has gone into this site in the last six months, but it’s been a really good process,” he added.
“Hopefully we can continue to build on this site.”
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