Flinders Bank planning amendment to include 20 affordable housing units
The Planning Minister has approved an amendment to the Flinders Bank development to be located on the site of the former Convention Centre, which will pave the way for a St Regis Hotel and apartments to be built on site.
In August Urban.com.au revealed that St Regis had been signed on as the hotel brand and operator for the three tower development. The recent planning approval by the Planning Minister involved reducing the total number of private apartments down to 700. The original permit for the site allowed for 1060 dwellings.
A condition of the approval involved Century Group Aus committing to providing 20 units of affordable housing that will be rentals and priced 50% below the market rate.
Under an agreement with the developer the affordable housing units will be provided 'for the life of the building'. According to the AFR, it is expected the units would be"sold down to private investors for a lower capital value".
This is the first instance where amendments to the Planning and Environment Act undertaken earlier in 2018, have allowed developers and councils to enter into agreements to provide affordable housing within new developments.
The approved amendment to the Flinders Bank development application will also see a public plaza created as well as new pedestrian crossings on Sidderley Street.
Early stages of the development are currently accepting registrations with Colliers running point over the development.
As we revealed back in August, St Regis is one of the latest high-end hotel brands that have been secured in Melbourne. The St Regis brand, after the acquisition of the Starwood group, is now owned by Marriott International.
The mammoth Marriott International group includes other hotel brands like JW Marriott, Ritz-Carlton, W, Westin, Sheraton, Le Meridien and Aloft.
Ritz-Carlton is set to open at West Side Place on the former site of The Age on Spencer Street. W has signed on for Collins Arch ('The Pantscraper'), Aloft is signed on to 402 Chapel Street in South Yarra.
The Westin is located behind city square, next to the site of the Town Hall Station site, Sheraton is now located in a new building in Little Collins Street and Le Meridien used to be the brand name for the InterContinental next to Rialto.