Melbourne council promises $1 billion in economic activity from new 'Gurrowa Place' development

In short: A $1.7 billion redevelopment will see hundreds of apartments built in a new precinct around Melbourne's historic Queen Victoria Market A $1.7 billion redevelopment will see hundreds of apartments built in a new precinct around Melbourne's historic Queen Victoria Market What's next? The City of Melbourne has outlined its plans to transform Queen Victoria Market, with $1.7 billion in investment earmarked for three new buildings and hundreds of new apartments. The plans include a new 1.8 hectare "people's park" built by multinational construction firm Lendlease, the same company the council contracted to develop Town Hall Place and Victoria Harbour. Among the outlined plans are three towers overlooking the market, Flagstaff Gardens and the CBD, featuring: A 28-storey office and retail tower Approximately 560 resident apartments including 15 per cent affordable housing An 1,100 bed student accommodation tower An underground carpark with up to 300 spaces for market customers Restored retail stores along Franklin Street The plans will still need to go through an approval process to meet relevant requirements.