Victorian Minister for Planning Richard Wynne has approved three apartment projects worth $570 million, delivering an estimated 1958 new apartments.
Mr Wynne made the announcement in Johnson Street South Melbourne, late last week, on the site of a future $400 million development.
The approved Johnson Street development is smaller than the original proposal, after negotiations with the City of Port Phillip and the developer, and will include significant open space and a public laneway.
The second-largest approval is a $130 million development for Normanby Road. The development will feature two towers at 39 and 49 storeys high, and will be comprised of 525 apartments.
Rothelowman Managing Principal Nigel Hobart commended the minister for approving the developments, believing they will deliver the much needed housing stock to the market.
Designing the Johnson Street and Normanby Road developments, Mr Hobart said, "As the largest urban renewal site in the country, Fishermans Bend is conducive to this level of density. It is developments such as those approved for Johnson Street and Normanby Road that will take expansionary pressure of established suburbs and curb urban sprawl."
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The third project on Salmon Street will be a 12-storey $40 million project, with a mix of one, two and three-bedroom apartments.
Mr Wynne announced a planning overhaul for Fishermans Bend in April this year. The minister is working with councils and the community to establish five neighbourhoods within the Fishermans Bend area.
"By approving more than half a billion worth of new apartments, this government is allowing more people to live close to jobs, services and public transport," Mr Wynne said.
"These towers are in a part of Melbourne which was once best suited to industrial businesses. The city is evolving and this government is making sure more people can live centrally in well-designed apartments."[googlemaps https://www.google.com/maps/embed?pb=!1m18!1m12!1m3!1d12605.718729951523!2d144.9116167!3d-37.826825549999995!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x6ad667714b4a00f5%3A0x3f1ba820da9555ef!2sFishermans+Bend%2C+Port+Melbourne+VIC+3207!5e0!3m2!1sen!2sau!4v1432510765381&w=600&h=450]
