Chapel Plaza set for 12 storey replacement development
Chapel Street's next big redevelopment appears set for the Chapel Plaza.
An application for demolition of the existing building and construction of a twelve storey apartment building, has been lodged with Stonnington Council.
There will be 188 apartments, retail floor space, and commercial office space over a three storey basement accommodating car parking.
It sits between Toorak and Malvern Roads.
Plans for the $63 million have been lodged by SJB for the 402 to 416 Chapel Street holding. The property comes with Simmons Court and Bray Street frontage that totals around 3,700 square metres.
The property last traded in 1983 at $1.51 million when bought by Ruben Fried, who died in 2009.
Spotlight, the Melbourne-based chain of 100 fabrics and homewards stores, was founded by brothers, Ruben Fried and Morry Fraid, having grown from one store in 1973. The company reported annual sales of $600 million at one point when employing about 6,000 staff.
The BRW Rich List noted in the late 1980s that the brothers Ruben Fried and Morry Fraid had different surnames because of a "teacher's mistake during their school years".
They have never bothered to correct it.