New $200m Melbourne residential precinct

Melbourne based PDG Corporation has secured another agreement with the City of Melbourne, the latest project will see a mixed-use development delivered in Southbank.

The land sale and development agreement, which covers a parcel of land at 132 Kavanagh Street, will comprise residential and affordable housing of about 270 residences, including 40 affordable-housing units, a boutique hotel, and 1400 square metres of retail and council facilities.

The City of Melbourne accepted privately owned PDG’s offer of $16.5 million and agreement to deliver 1000sqm of community space, following a tender process for the land sale and development.

PDG Corporation project director Vince Giuliano, said that the development is in line with current Melbourne inner-city development trends to build up.

“Our vision is to create a vertical village that will be enhanced by the newly created 2-acre park as its main entrance, it’s not often you get an opportunity to develop in a location like this.”

“There are no adjoining high-rise buildings and an abundance of green open space” he said.

PDG say they are considering the project being all or part build-to-rent, following on from the company’s build-to-rent project in the Queen Victoria Market precinct.

The development will achieve a 6 star Green Star certification.

Construction on the development is expected to begin late next year subject to approvals, with completion for 2022.

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