$1.3b 'pantscraper' tower in Melbourne CBD gets go-ahead

A $1.3 BILLION tower proposed for Collins Street in Melbourne's CBD dubbed the "pantscraper" has been given the go-ahead.

A $1.3 BILLION tower proposed for Collins Street in Melbourne's CBD dubbed the "pantscraper" has been given the go-ahead after the developer agreed to reduce its height by six floors.

Planning Minister Richard Wynne said a compromise of 41 storeys had been reached after he previously knocking back the tower because it would have cast a shadow across to the southern bank of the Yarra River.

The tower at 447 Collins Street will include offices, apartments, a hotel and a public park.

Developer CBUS Property now has to submit amended plans for a planning permit to be issued.

Mr Wynne said the building - dubbed the "pantscraper" because of its twin tower design - would become a city landmark.

ABC