Newmark Capital, Gurner and Qualitas are submitting $1.5-billion updated plans to convert Melbourne’s Jam Factory into a mixed-use precinct.
The Bates Smart-designed plans show the 19th century facades of the shopping centre at 500 Chapel Street, South Yarra would be incorporated into the design.
Four residential towers with 400 apartments, a hotel with 180 keys, a 1700sq m plaza and amphitheatre, three levels of retail and entertainment including a cinema as well as 22,500sq m of commercial space would be added to the site.
There were also plans for a penthouse collection which could fetch prices up to $50 million and an expressions of interest campaign for an international hotel brand was under way.
Similar plans to overhaul the old Jam Factory were originally approved in 2018 and slated to open in 2020 but never eventuated.
A series of integrated laneways, based on the area’s original 1864 master plans would be reinstated and turned into 24/7 shopping, food, dining and entertainment space.
Gurner and Qualitas contracted to purchase part of the 19,250sq m site from Newmark Capital last year.
If the development is approved, Newmark Capital would deliver and retain ownership of the commercial and retail component while Gurner and Qualitas would deliver the apartments and hotel.
The development trio have spent six months working on the plans with council and lead architects Bates Smart along with Townshend Landscape Architects and Leonard Design Architects.
Newmark Capital director Chris Langford said the offices would be “compellingly different, offering every amenity as part of a connected community”.
“With unparalleled amenity, stunning views and large floorplates, they represent the workplaces of the future,” Langford said
“The Jam Factory is strategically located to offer occupiers a range of convenient transportation choices to suit changing ways of working.”
Gurner chief executive Tim Gurner said the residential component would create a new benchmark for the prominent location and deliver a new luxury landmark befitting of its South Yarra locale.
“Our vision for the residential offerings is to set the bar higher than any other residential project in Australia,” Gurner said.
“We will be taking cues from the luxury penthouses of New York and London, and offering a level of customisation not seen before.
“Creating the ultra-luxury residences at St Moritz really opened our eyes to the depth of the luxury market and challenged us to create a project that had no equal, we are now ready to raise that bar again with the Jam Factory.”
The project is slated to launch publicly to the market in early 2022 with completion earmarked for 2025.