Diamonds in the rough. Love them.
New design will be 2 x 194m towers:
Ambitious Cbus Property on the lookout for acquisitions
Mr Pozzo also revealed new plans for the site of the $1bn-plus project at Melbourne’s 447 Collins Street, after the former and current Victorian governments indicated they would block the initial plans for the site, which included a tower of 294m.
Mr Pozzo said a development application would be submitted later this year.
The new plans will have a dual tower complex of about 194m in height, with the floor space to be roughly the same as before, which was 175,000sq m. It will include apartments and office space, as well as a 250-room luxury hotel, the first Cbus will develop alone.
194m still sounds too tall not to have overshadowing of Wynne's precious Northbank during mid-winter. Let's presume/hope the developers/architects do their homework before submitting the application.
Otherwise another pair of twin towers at that height sounds like a great outcome for the site - 294m was really too tall would have overpowered the classic view of Rialto anyway. Hopefully the design is worth of the site prominence.
I tend to agree, i'd be quite happy with 194m. Plenty of other tall towers going around at the moment. The last design was a bit weak, so if this proposal is better than that/even slightly iconic, i'd see it as a good outcome.
A lot of people will want this land. We need a striking office tower here, something big and bold.
Don't know how accurate this is but one of the guys onsite said that they were building twin 45 storey towers. If this goes ahead it may create more problems in terms of over shadowing than it solves.
^^ Interesting view from Collins Street to Flinders Lane and Southbank beyond.
Hope they keep and integrate the statues of Batman and Fawkner into the new development.
I collect, therefore I am. thecollectormm.com.au
The Rialto overshadows the Yarra, make an exception for this one. Build it big and beautiful.
Chances like this don't come come along often so safe I say just for once, let something crazy be built. They need to go big or go home here.
The first thing that comes to mind when I saw the photo above was this:
Beautiful Union Square in San Francisco.
Won't this just become another park that will cause overshadowing issues?
Also posted in Melbourne 3000 thread. Revised scheme now in doubt thanks to Dick the Idiot.
New Vic planning rules plunge Cbus Property's Collins Street scheme into uncertainty
Victoria's new interim planning controls have thrown super fund-backed developer Cbus Property's plans for a 6000-square-metre site on Collins Street into uncertainty.
The developer – whose initial plan for a $1 billion, 74-storey, mixed-used tower on the site of the former National Mutual building was rejected in November by former planning minister Matthew Guy – was understood to be close to submitting a revised application for the site it purchased in 2013 for $91 million but had not done so.
Any application it now makes on the site will be subject to new limits Premier Daniel Andrews's government announced without warning on Saturday that curb the size of any development built on the site.
The imposition of limits, including a 24:1 plot ratio on CBD sites, was taken to curb the excesses of dense, poorly-designed CBD towers that yielded high returns to developers with little apparent thought to their effect on the wider community. But the sudden move that the development industry warned would reduce investor confidence and cut construction activity has snared a highly regarded local developer that had engaged two well-regarded architects, local firm Woods Bagot and New York's SHoP Architecture, to design its scheme.
Cbus Property declined to comment on Monday but Jennifer Cunich, executive director of the Property Council of Australia's Victoria division, said while industry could respond to new rules and plan developments accordingly, the real problem came from the overnight changes that brought the viability of development sites into question.
"The issue is what does it do to those sites purchased based on what the former rules were," Ms Cunich told The Australian Financial Review. "If you've purchased a site and now the rules have changed, all that work you've done getting ready to put planning and development application through is now gone."
'DISCRETIONARY POWERS' WAY OUT
There may be a way out, however. Announcing the changes on Saturday, Planning Minister Richard Wynne said he had discretionary powers and that developers could request exemptions to the interim rules if they could demonstrate their project would benefit the community. It is understood that planning officials will be meeting Cbus Property on Wednesday to discuss the site.
Cbus Property's previous scheme for a 295-metre tower on the site, which proposed up to 400 apartments, 50,000sq m of office space, a *250-room hotel and 3000sq m of retail space, won the endorsement of the City of Melbourne despite partially overshadowing the nearby Yarra River, after the developer agreed to set aside 1900sq m – almost one-third of the site – as public space.
After the knock-back, Cbus Property was working on a scheme that conformed with the planning rules – as they stood until Saturday.
And while one aim of the new rules was to prevent "flipping" of sites by developers who onsold them, Cbus Property chief executive Adrian Pozzo said last year his company would not do that.
"We will be the developer, we're not a flipper," Mr Pozzo said. "If we agree to do something, we will deliver.
Architect Callum Fraser said the new rules would cut development as purchasers of sites would wait for the market value of their land to rise.
"Will they proceed with planning applications, which will shred value or will they hold projects?" Mr Fraser said. "I think probably they'll hold. We're definitely looking at a slowdown in development and construction. There's no doubt about that."
As pointed out on SSC there are discretionary powers that Wynne can use if Cbus submit a worthwhile plan.
Out of interest who rejected the previous scheme for the site?
This is also a bigger site than most and one which also includes provision of a significant public open space.
I find it hard that they can manage to screw this one up. If they submit something excellent their is no reason it can't have some height and still deliver on setbacks/public space/whatever else.
Opportunities like this don't come along often and either they get it right or just leave it a bomb site until someone who can actually put fourth a decent proposal comes along.
Fedsquared. Wynne didn't approve the previous plan. City of Melborune were happy... it says that in the article posted immedaitely above your post.
So nothing on the two-towers proposal?
Like someone else said, welcome to Melbournes newest bomb-site.
Realised that JP. Was reminding the Guy fanboys that it was him (Guy) that originally knocked it back.
actually wasn't doing that had actually thought it was Wynne who denied the application.
Display suite is out to tender.
Does that mean something's approved to display?
No - am told they're examining if changes are required to the new scheme following Dick's new policies.
^ as noted in the AFR above...
"It is understood that planning officials will be meeting Cbus Property on Wednesday to discuss the site."