Botanica, the final rejuvenation project of Footscray's Banbury Village
Construction on the Botanica Apartments within Banbury Village is scheduled to commence in the middle of this year, with completion expected by mid-late 2016.
Banbury Village is being developed by Cedar Woods as a $200 million urban renewal project on the former Olympic Tyre Factory site at Footscary West.
It's been billed as the southern hemisphere’s first US-college style education campus village to service two Victoria University Footscray campuses.
Banbury Village will have a mix of academic, social, community and retail facilities, along with around 430 homes.
As part of the rejuvenation aim of the Victorian Liberal government’s ‘Plan Melbourne’ city plan, the region has the fastest growing population areas in Australia, with Victoria’s former Minister for Planning, Matthew Guy, anticipating the City of Maribyrnong will grow by 42,000 people over the next 15 years.
Some 60% of those moving into Footscray are aged between 20-34, according to a report released by Urbis, which also speculated that this growth would require an additional 130,000 dwellings.
“Banbury Village is a community-defining project,” said Cedar Woods’ Victorian State Manager, Nathan Blackburne.
Botanica, the final stage of the residential development, has been designed by ROTHELOWMAN to appeal to Footscray’s younger demographic and high proportion of young professionals and students.
Offering one and two bedrooms, prices start at $305,000.
All apartments feature NBN-ready connections.
Less than a quarter of apartments remaining in the final release of the $200 million Banbury Village project, which has played a pivotal role in the renaissance of Footscray.
“Footscray’s rising popularity and proximity to the CBD has seen it competing with traditionally trendy Melbourne hotspots such as St Kilda, Richmond, Northcote and Carlton,” Blackburne said.
“Dwellings in the project have seen good price growth and we expect the same to occur for this final release.”