Wedoany.com Report on Mar 13th, Australian company Time & Place has recently submitted a planning permit application to the Department of Transport and Planning, Victoria, proposing to develop a 22-story residential tower on the site at 60-70 Park Street, South Melbourne. The project is managed by Park Street Development Partnership Pty Ltd, whose principals include Time & Place Executive Directors Tim Price and Christopher O'Keefe.
The residential tower project covers a site area of 2,050 square meters, located 70 meters from the Kingsway intersection. It plans to deliver 297 apartments, 128 square meters of ground-floor retail space, 108 square meters of co-working space, and 86 car parking spaces. The residential component includes 10 studios, 102 one-bedroom, 163 two-bedroom, and 22 three-bedroom apartments, with a total gross floor area of 27,325 square meters. The development cost is estimated at approximately $125 million.
The site is currently occupied by low-rise office buildings up to three stories, surrounded by buildings of around 11 and 14 stories. Similar to the St Kilda Road precinct, Park Street is undergoing significant transformation, with the Port Phillip area favoring higher-density development. Time & Place's planning report notes that the newly opened Anzac Station, located 330 meters southeast of the site, will "significantly enhance the area's accessibility, promoting mixed-use development and public realm improvements." The application seeks a height greater than the mandatory building height of 60 meters and is seen as an "intensified redevelopment" of an underutilized site 2.7 kilometers from Melbourne's Central Business District.
Time & Place states that this residential tower project can meet "broader market demand" and contribute to housing diversity in Port Phillip. The company remains active in Sydney and Melbourne, having recently announced the builder for the $500 million Park Modern development located just 400 meters away, and last year, in partnership with NPACT, commenced its first Northern Beaches project. This residential tower project reflects the trend towards high-density development in inner-city South Melbourne locations.
