Green light for 30-storey commercial tower to be built on Riverside Quay
The state government has signed off on plans by casino king Keong Kuong Loi for a new twin tower development in Southbank on the site of the former Esso House.
Victoria
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A new public park will be built on prime riverfront land in the heart of Melbourne after winning state government approval.
The government has signed off on $350m plans by casino king Keong Kuong Loi for a new twin tower development in Southbank on the site of the former Esso House.
It paves the way for a major revamp of Exxon-Mobil’s former Australian corporate headquarters, with a 15-storey skyscraper that once stood high on the site to be fully demolished by Christmas.
In its place, a 30-storey commercial tower will be build on Riverside Quay, with offices, restaurants, shops and the new 1000 sqm public open space.
Lord Mayor Nick Reece said: “This is such welcome news for Southbank locals who have repeatedly said they would like more green open spaces in their neighbourhood.
“Not only will this project reshape the face of Southbank Promenade – it’ll also see the creation of a new 1000 sqm public park in our most densely populated suburb.”
The development will include a through block link to connect the new Yarra River park with a recently opened public square on Riverside Quay and landscaped outdoor dining spaces. Chinese-backed developer Nice Future International Investments bought the former building on the site for $160m in 2016.
Macau billionaire Keong Kuong Loi is a shareholder of that company.
He also pledged a $1m contribution towards the design and delivery of the new public open space.
The Herald Sun first revealed master plans for the site in 2020, including a 120m high commercial building, widening of Southgate Ave and Riverside Quay, streetscape improvements and the park.
The development was approved in principal more than two years, paving the way for demolition of the former building.
But detailed development plans and a number of technical reports for the revamp were signed off by the government last week, and unanimously supported by the City of Melbourne.
Mr Reece said it would “activate the river’s edge and transform an otherwise forbidden pocket of prime real estate.
“Riverside Quay is postcard perfect location – with incredible views of the Yarra River that will surely make it one of the city’s hotspot hangouts.”
The public green space, to be controlled by the council, has been valued at $25m.
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