According to The Australian Financial Review, Toyota Australia has hitched its wagon to Melbourne's boom in high-rise living with plans for a massive four-tower apartment project over its dealership just outside the CBD.
The proposed development – with more than 1000 apartments earmarked for residents and student accommodation – has taken a step forward, winning endorsement from Melbourne's city council this week.
That backing will add weight to the plan which now goes to the state government for a final decision.
Toyota has appointed Sydney-based developer Lefta Corporation to handle the project which has an estimated construction cost of $208 million. Its end value as developed real estate would be considerably higher.
According to plans considered by council, the four towers – the tallest has 19 levels – will comprise 310 apartments, 698 student units, gym and 5200 square metres of commercial space.
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