Work is under way on Pace Development Group’s stepped residential tower within Melbourne’s Flemington Racecourse precinct.
The Darley will reach 14 storeys and comprise 315 apartments on the site at 550 Epsom Road, Flemington.
The project was fast-tracked through the planning system by the Victorian government.
The block will have three tiers of apartments designated as comfort, premium and luxury, according to Pace’s website.
There will be a mix of one, two and three-bedroom apartments and amenities including a yoga room, three private dining rooms, gym, infinity pool, a cafe run by chef Scott Pickett, wine cellar, media room and lounge.
The design by ARM Architecture was inspired by a horseshoe.
According to BCI records, the cost for The Darley as part of the racecourse redevelopment project will be $80 million.
The total racecourse redevelopment is expected to cost $400 million and comprise 835 apartments across a number of buildings.
BCI records also show the building will include a basement with 399 carparking spaces and storage for 303 bicycles.
The Victorian Racing Club owns the land on which The Darley is being built.
Income per capita within Flemington is $38,400 a year with around 53 per cent of local residents living in an apartment in the suburb.
Around 216,200 new jobs are expected to be created within the suburb between 2021 and 2031 while $70 million in infrastructure investment is being poured into it for work that will be completed in 2024.
As a suburb, according to Urbis, it also has a median price growth rate of 11.6 per cent a year.
A number of Australian racecourses are also opting to develop parcels of their land. Mirvac has a project on the Eagle Farm Racecourse in Brisbane, while the South Australian Jockey Club is redeveloping part of the Morphettville Racecourse in Adelaide.
Moonee Valley Racing Club recently won approval for a plan to redevelop racecourse land after 10 years of designing and creating a masterplan.
