$1.2bn in building projects fast tracked to aid in VIC recovery

Over $1.2 billion worth of building and development projects are being fast-tracked by the State Government as part of its ongoing efforts to kickstart Victoria’s economy as well as create thousands of jobs. 

The Building Victoria’s Recovery Taskforce, which was established last month, has been tasked to identify and accelerate shovel-ready priority projects that have the potential to generate short and long-term jobs. 

“Our taskforce is working hard to deliver priority projects in a timely manner for the benefit of the building and development industry and for all Victorians. 

“As the industry deals with the unprecedented challenges of the pandemic, we’re making sure priority projects are delivered more efficiently and fast tracked where appropriate,” Planning Minister Richard Wynne said. 

A number of major projects have recently been approved, including: 

• A $290 million 21-storey building at 140 Lonsdale Street, which will become the new Melbourne headquarters of the Australian Federal Police 
• A $234 million 68-storey development at 640 Bourke Street, which will include 857 apartments, retail space and an art gallery 
• A $180 million 41-storey hotel development at 600 Lonsdale Street that will feature 288 hotel rooms together with office and retail space 
• A $60 million 20-storey commercial office and retail building at 683-699 Elizabeth Street, located in an emerging biomedical precinct 
• A $60 million residential development on the former Commonwealth Games village site at 67-81 Galada Avenue in Parkville 

These projects are anticipated to create thousands of construction jobs as well as provide homes to thousands of Victorians, driving economic activity in the inner city. 

In addition, Minister Wynne has called in from VCAT a development at 31 Station Street in Caulfield – valued at $250 million – that includes a build-to-rent scheme, affordable housing and a supermarket, retail and office space. This call in from the Minister means that he will be making the final decision on the approval of this vital project. 

“Victoria remains open for business and our dedicated Taskforce is making sure a pipeline of projects continue to stimulate the economy and jobs,” Minister Wynne said. 

Currently, the Taskforce is seeking submissions for priority projects that are of state and regional significance that can be considered for development assistance. These projects include those waiting for a decision at VCAT or a local council. 

Priority projects are going to be assessed based on their capacity to protect and create jobs, stimulate recovery, and contribute to wider social objectives such as affordable and social housing. 

These fast-tracked projects build on the State Government’s $2.7 billion Building Works package of shovel-ready projects across Victoria, which is expected to support up to 3,700 direct jobs as well as thousands more across the supply chain. 

For more details regarding the Building Victoria Recovery Taskforce and for submissions, you can visit the dedicated website here. 

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Source: Premier of Victoria; The Urban Developer; Wellington Times