Cycle link plan under $2 billion Treasury Square project
A redevelopment plan on the CBD fringe could create new pedestrian and cycle link between the city, parks and Yarra River. The $2 billion project could also impact unsightly railyards.
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A $2 billion redevelopment of land on the CBD fringe could provide a new pedestrian and cycle link between the city, parks and Yarra River.
The Treasury Square project is also seen another step towards roofing over unsightly railyards under the Federation Square East proposal.
Four bidders, including Mirvac and Cbus Property, have submitted plans to the state government for the prime 1.4ha site on Flinders St stretching from Exhibition St to Wellington Parade South.
Three towers, possibly including a hotel, would be built on decking next to the rail corridor.
The VicTrack-owned land currently has electricity substations on it.
In a submission to the government’s proposed subdivision and planning scheme amendment, the City of Melbourne said it was a “significant and strategic site”.
“A generous pedestrian connection north-south from Flinders St through the site would connect the southeastern end of the central city to the Yarra River corridor, and link Treasury Gardens and Birrarung Marr,” it said.
The submission said the Alexandra Gardens and Kings Domain could also be linked via a new pedestrian bridge over the Yarra as proposed in the council’s Domain Parklands Masterplan.
Council planning portfolio chairman Nicholas Reece said it was hard to overstate the importance of Melbourne getting the city gateway project right.
“It is vital that development of this site delivers pedestrian and cycling connections from the Hoddle Grid to the river,” he said.
“Given this site’s prominent location with some of Melbourne’s most iconic buildings like the Herald & Weekly Times building and Shell House over the road, we expect buildings which complement, rather than compete with the Hoddle Grid, and of a scale that don’t overshadow Birrarung Marr and the Yarra River.”
“This is an opportunity for placemaking on a global scale on a postcard site for Melbourne, so it is absolutely essential that design excellence is achieved.”
The council submission, to be considered by councillors on Tuesday, said Treasury Square needed to anticipate future adjacent developments like Federation Square East, which will involve decking of the rail corridor.
When revealing the short-listed bidders in January, Transport Infrastructure Minister Jacinta Allan said the development would open opportunities for businesses to relocate to the heart of the city.
Property firm Colliers International is marketing the site, while the other bidders are Dexus/John Holland and Brookfield Property.
The land sale could net the government more than $500 million, while the estimated value of the finished development is $2 billion.
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