"Melbourne City Council has shortlisted five potential private sector partners to create a mixed-use development in the heart of the Queen Victoria Market precinct.
At a Special Council Meeting on Tuesday night, Council voted to issue five companies with a Request for Proposal to develop of the site at the corner of Queen and Therry streets.
In accordance with probity advice, the identity of companies remains confidential and has not been disclosed to Council.
The 6329 m2 property, commonly known as the Munro Site, was purchased by Council in October 2014 for $76 million to create a mixed-use development. In line with the Queen Victoria Market Renewal Master Plan, the development will complement the market and bring life to the neighbourhood. It will include:
• Specialty retail, specialty shops, cafes and hospitality services that complement the market’s offer
• A major customer car park to replace the existing at-grade car park
• A new mid-block link from Franklin Street to Therry Street
• An integrated family and children centre including childcare
• Affordable housing in line with City of Melbourne’s Homes for People Housing Strategy 2014-18.
Developers shortlisted for the Request for Proposal process will be required to submit their bid by 15 December, with a further evaluation to narrow that list to two proponents in March 2016. The final two proponents will be asked to submit a Best and Final Offer by May 2016.
The City of Melbourne expects to execute a Development Agreement with the successful bidder in July 2016.
The proposed development will be consistent with proposed Planning Scheme Amendment C245, which has been authorised for public exhibition by the Planning Minister. The proposed amendment is consistent with development guidelines for the site released by Council, prior to its purchase in September 2014. Consultation on proposed Planning Scheme Amendment C245 will commence next month. Shortly before Council purchased the site it released development guidelines. The proposed amendment seeks to introduce controls governing street frontage heights and setbacks to create a pedestrian friendly public realm. It would also introduce tower separation and wind and weather protection requirements and balance retention of heritage character with new development."
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