City of Melbourne looks at private developers for $316M Greenline project
City of Melbourne is exploring whether private developers hold the key to unlocking Lord Mayor Sally Capp’s ambitious $316m Greenline project.
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The City of Melbourne is considering going to property developers and major corporations to help fund Lord Mayor Sally Capp’s pet project, the $316 million Greenline.
The project — which includes four kilometres of new parks and pathways on the north bank of the Yarra River — currently has a funding shortfall of more than $200 million.
The Herald Sun understands that council has floated the idea of securing financial or in-kind contributions to help pay for the Greenlinewith major developers.
If a developer were to invest in the project, it’s understood they would be able to negotiate for benefits such as extra density — more apartments or office space — on a specific site.
A council spokeswoman said Town Hall was looking to private companies to fund the Greenline but would not answer questions on whether the organisation was requesting funding from developers and whether they would be given special consideration on projects.
“The City of Melbourne has always made clear it is pursuing funding partnerships with government, businesses and key stakeholders to deliver this city-shaping project,” she said.
“Works to transform the Birrarung Marr Precinct will start in the coming months.”
Council Watch president Dean Hurlston said he was extremely concerned by the potential to ask developers to pay for the Greenline.
“This is just a desperate move rather than a considered plan,” he said.
“What is the benefit going to be for developers to pay for parts of the Greenline – what are they getting in return?
“Why have planning rules if you are prepared to potentially ignore them to fund your pet project?”
The council had originally planned on securing $100 million from both the state and federal governments to help fund the project but so far has only received $20 million from Canberra.
A funding and partnership strategy for the project is being developed but the council has remained tight lipped on when it will be released publicly and what the plan to deliver the Greenline will include.
Ms Capp has pledged the first stage of the Greenline, along Birrarung Marr, will start in April but she has repeatedly refused to say how she will fund the whole project down to the Bolte Bridge.
The council’s own master plan states the final stages of the Greenline will not completed until 2030 at the earliest – if there are no further delays to the project that was first proposed by Ms Capp in 2018.
The move to secure private sector contributions comes as several councillors are considering whether to push for a pause to the project until certainty around funding is resolved.
A senior Town Hall source said the “political will” to press ahead with the Greenline in an election year was waning.
“Unless the Victorian and Federal governments come back to us soon with buckets of money, there are going to be quite a few councillors carefully considering whether it is financially responsible to support this project right now,” the source said.
Before becoming Lord Mayor, Ms Capp was boss of the Victorian division of the Property Council.
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