Sunday 2 August 2015

Council Seeks Development Partner For QVM Precinct

Lord Mayor, Robert Doyle, announced this week that Council were seeking the aid of a joint venture partner in the development of the Munro site adjacent to the Queen Victoria Market.

Mr Doyle said “This is a rare opportunity for the private sector to partner with Council to deliver an exemplar mixed-use development with all the hallmarks of what we consider smart development: residential apartments, childcare, family services, commercial and retail uses and the latest in environmental sustainability. “It will also include customer car parking so that we can deliver on our commitment to maintain the current level of 720 customer car parks within the market precinct.”

It has been reported that the Council hopes to generate sufficient revenue from the site to help fund the $250m renewal of the market. The site will be converted into a mixed use development with residential, commercial and retail spaces. Planning regulations around the market are expected to be amended to help facilitate the development which will include some affordable housing, childcare facilities, and a new car park. There are also plans for a mid block connection from Therry St. through to Franklin St. According to the Australian Finacial Review the Munro site could potentially accommodate several smaller towers or even a single larger one of as much as 60 storeys.

We understand that the Council wants to retain control of aspects of the project in order to prevent improper development around the Queen Victoria Market. That is likely to involve ongoing control up to podium level (essentially the ground floor base on which a building sits).

At the conclusion of the Expressions of Interest process, the City of Melbourne will shortlist developers to proceed to the second stage, a Request for Proposal process, expected to commence in October.