Minister for Planning Matthew Guy has approved a $195 million investment in the Melbourne skyline with a new 71 storey development named 'The Falls' at 25 Queensbridge Street, Southbank, creating more than 600 construction jobs.
When completed the 236 metre building will be Melbourne's fourth tallest building.
"The Falls tower will sit neatly between the approved 276 metre Queensbridge Tower and the currently under construction
255 metre Prima Pearl Tower, giving Southbank one of the tallest and most dramatic skylines in Australia," Mr Guy said.
"The approval of The Falls is consistent with the Victorian Coalition Government's commitment to grow a greater Melbourne CBD and to continue the transformation of the city centre to a world-class, 24-hour city.
"Southbank is becoming a true vertical community, with hundreds more Melburnians expected to call The Falls home, in a precinct that has seen huge population growth over the last twenty years."
The Falls will see a total of 586 apartments built providing quality housing options in a well-connected location close to jobs and services. Ground floor retail will ensure that the street level continues to generate a vibrant community aspect and contribute to the diversity and vitality of the Southbank precinct.
More than 600 jobs are expected to be created by the tower's construction, further reinforcing Melbourne's premier capital city status as the place where the development industry continues to shine and invest.
"The Coalition Government is committed to providing Melbourne's growing population with inner city residential opportunities in close proximity to transport, restaurants, shops and community infrastructure," Mr Guy said.
"This project ticks all those boxes and Southbank is vital in achieving appropriate high density where people can enjoy the benefits of inner city living."
The development will also include communal meeting rooms, a north facing lap pool and spa as well as function rooms, lounges and bars for residents and guests.
Details of the proposal are outlined in the planning permit available at www.dpcd.vic.gov.au/planning/permits