International developer Plenary has been announced as the preferred partner for La Trobe University’s $5-billion university masterplan.
The University City of the Future project will occupy La Trobe’s 235ha Bundoora campus in Melbourne’s northern suburbs.
Parts of the masterplan already delivered include a research and innovation precinct, a sports park and a 624-bed purpose-built student accommodation facility.
The sports park will also soon become the home of the national women’s soccer team, the Matildas.
The project is estimated to deliver educational facilities for more than 40,000 students, more than 20,000 new jobs with 3000 new construction jobs per year and $3.5 billion of gross regional product over 10 years.
The campus will then become a key part of La Trobe’s National Employment and Innovation Cluster.
La Trobe University vice-chancellor John Dewar said the university is currently planning a revamp of the masterplan in consultation with various stakeholders.
“We’re excited to be partnering with the Plenary team to accelerate this ambitious plan, bringing innumerable benefits to our staff and students, as well as industry, partners and the wider community,” Dewar said.
A town centre tipped to deliver $400 million in commercial and retail opportunities a year was part of a previous version of the masterplan.
Plenary has previously partnered with La Trobe to build the $288-million AgriBio project, an agricultural research and development facility, in 2013.
Plenary has a portfolio of 74 assets worth more than $46 billion across Canada, the US and Australia.
Plenary’s projects in Victoria include the $1.75-billion Melbourne Convention and Exhibition Centre and South Wharf precinct, and the $1.5-billion Footscray Hospital.
