As record numbers of residents move into Melbourne’s CBD, the State Government and the City of Melbourne have several ambitious programs underway to further improve Inner City Melbourne’s liveability amidst continued urban growth.
Metro Melbourne Train Tunnel
Early enabling work has commenced on the much anticipated expansion of the City Loop train line which is set to deliver five new underground city stations: Arden (North Melbourne), Parkville, Domain (St Kilda Road), CBD North and CBD South. With major construction due to commence by the end of the year, an estimated completion date of 2026 has been flagged for our new rapid transit system.
A 3700sqm European-style public park is planned for the heart of Southbank as part of a new development comprising four residential towers, a commercial tower, a hotel and retail at the junction of Kavanagh and Power Streets. With water features, piazzas and an outdoor terrace, this new green space will also host markets and cultural activities for Southbank residents to enjoy.
An entire car lane of Southbank Boulevard will be transformed into a linear park from St Kilda Road to provide 2.5 hectares of new open space for the enjoyment of Southbank residents, the most densely populated suburb in Melbourne. The addition of new bike lanes and a play space will further enhance our arts precinct.
The southern end of Elizabeth Street is set for a $1.5M makeover this year, with the southband lane between Flinders Lane and Flinders Street to close to traffic to make access to Flinders Street station more pedestrian friendly and create more public space.
Queen Victoria Market
$250M has been allocated to the renewal of the Queen Victoria Market, creating better facilities and new public open spaces to be completed by 2021 for the enjoyment of traders, customers and visitors.
HarbourTown is set to be rebranded before the end of the year as part of a $150M redevelopment that will welcome new international retailers, a 10,000sqm fresh food marketplace and a revamped entertainment precinct. An eight-screen Hoyts cinema complex is scheduled to arrive mid-2018 and will be complemented by Docklands’ first full-sized supermarket, Woolworths, to open in 2019.
To find out about more about what is changing in your neighbourhood and how these changes will help enhance the appeal of your property, contact your local apartment experts on 9091 1400.