Billion-dollar towers fast-tracked to spur Victorian economy
A twin tower block in Docklands and disability housing in Melbourne’s inner southeast are part of a group of projects being fast-tracked for approval in plans to stimulate the economy during the coronavirus crisis. See where the other projects will be.
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High rise developments worth more than $1.1 billion have been fast-tracked for planning approval to stimulate the state economy and create jobs during the coronavirus crisis.
The new construction industry boost includes a 668-apartment twin tower block in Docklands and disability housing built be part of a $110 million development in Melbourne’s inner southeast.
Seven projects have been granted planning permits by the Andrews Government in the latest round of a Building Recovery Taskforce blitz that has so far green-lit $6 billion worth of stalled developments since March.
The Docklands twin towers will cost $291 million to build, while the NDIS-approved homes will be built in Glen Iris within a 9-storey development worth $110 million.
Other projects include:
A $250 million development in Caulfield that includes build-to-rent and affordable housing;
A NEW Geelong Civic Precinct that also has commercial offices for 900 people;
A SOLAR farm near Benalla worth $200 million;
APARTMENT and retail buildings in North Melbourne and Kensington.
Treasurer Tim Pallas, who leads the task force, said the aim was to get more “cranes in the sky” as the state recovers from the economic impacts of COVID-19.
“These projects help grow our building and development industry, they create jobs and they build the things Victorians need,” he said.
The solar farm at Kennedys Creek near Benalla in central Victoria, will generate 115 megawatts — enough to power about 50,000 homes.
Since March, 91 planning permits have been approved, with Planning Minister Richard Wynne calling in $750 million worth of projects stranded with councils or the planning tribunal.
The Glen Iris mixed use development on Burke Rd that includes disability housing is next to Gardiner train station.
Last month, the Herald Sun revealed other major developments given the green light included the new headquarters of the Australian Federal Police, as well as a 68-level apartment building on Bourke Street.
Mr Wynne said it was important that developments were being approved in all corners of the state and not just the Melbourne CBD.
“Now more than ever, Victoria needs a strong building and development sector, and we’re making sure this industry can continue to thrive all over the state, despite the challenges of coronavirus,” he said.
The COVID-19 crisis has piled pressure on the commercial and residential development sector in recent months.
The construction industry has been helped along by stimulus packages from taxpayers, including a $2.7 billion state investment and the Morrison Government’s $688 million home builder scheme.
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