The world is a bigger place, and Melbourne is bigger.
So what better place to invest your money than the heart of it?
The Victorian Government’s new capital investment project will transform the inner city’s CBD into a world class entertainment destination.
The Melbourne City Centre Corporation (MCCC) is the new entity set up to manage the $2bn project.
The MCCC’s purpose is to revitalise the CBD by redeveloping the inner-city precinct into a multi-sport, multi-media, entertainment hub and retail and hospitality centre.
The plan is to create over 150,000 new jobs and create more than 4,000 residential units and a community centre.
It’s been more than four years since the city’s inner city precinct was devastated by a major fire in 2017, and the new project will help to bring a renewed sense of community and pride back to the area.
“We’re really excited to bring this project to life,” said MCCC CEO, Steve Mascarenhas.
“This project will bring a fresh start to a neglected and historic site, which will be a key catalyst for the revitalisation of the inner east of Melbourne.”
Our new MCCC is a leading Australian development organisation that is committed to the revitalising of Melbourne’s inner east and surrounding regions.
“The city’s outer suburbs are the main focus of the MCCC, but it also has plans to redevelop other parts of the CBD, such as the CBD North and South, and will be building a $200 million leisure and entertainment precinct in the CBD’s north and east.
The inner-north precinct, which is in the middle of Melbourne CBD, has been blighted by the destruction of a warehouse fire in December 2017.
The fire destroyed more than 20 buildings, including the city hall and the offices of the city council.
The blaze forced the closure of the main train station in the area, and in 2019, the Victorian Government announced a plan to renovate and modernise the inner north precinct.
The city had also previously promised to redevelop the area in the future, but the plan fell through due to the loss of federal funding.
The new MCC project, dubbed the Melbourne Inner-North Industrial Park, will create over 200,000 jobs and generate $3.5 billion in revenue for the city over the next 25 years.
The redevelopment project will be supported by $50 million in federal funding from the Victorian Premier, which was approved in January this year.
The first phase of the redevelopment is expected to be complete in 2021, and construction is expected for the second phase in 2021-22.
In the first phase, the MCC plans to demolish the Victorian building that houses the Victorian City Council.
The company said the building will be demolished to create the new MCAC industrial park, which the company says will bring “over 2,200 new residential units, and over 50,000 commercial and hospitality space”.”
It’s our commitment to provide a truly exciting place to live, work and play, as well as a vibrant entertainment destination for Melbourne’s residents and visitors,” Mr Mascareres said.
The council has not yet decided whether to demolishing the building.
The second phase of redevelopment is to provide new residential and commercial space in the centre of the precinct.
It is expected that the second stage will involve the demolition of the Victorian government building in the city centre and the reconstruction of the former Victorian City Centre Hotel, which now houses the Royal Melbourne Hospital.
The site was previously home to a hospital and a public park, but that building is also being demolished.
The fourth phase of development is to develop around the former city centre hotel and residential development.”
The new industrial park will include a new retail and hotel precinct that will include more than 500 new residential dwellings, as part of the development of the new Industrial Park,” Mr Cascarenas said.”
That’s over 4,200 residential units for over 300,000 people in the new industrial area.
“The new residential development will be built in two phases.
The third phase will be the biggest phase of expansion, with over 500,000 square metres of commercial and residential space to be built on site.
It will include over 600,000 sq m of retail space and over 600 residential dwellings.
The final phase of this phase will include new residential towers, office space, a hotel, office park, and a shopping precinct.”
These projects will help transform the city into a thriving entertainment and leisure destination, as our new MCPCs first phase will help deliver this vision,” Mr MCC said.