The development will offer 250 apartments, along with office spaces, a five-star hotel and shops.
Collins Arch will also deliver 2,000 square metres of public open space, including a new park on the corner of Collins and Market streets.
Through negotiations, the original proposal was reduced in height by 21.6 metres to reduce overshadowing over the Yarra River.
Minister for Planning Richard Wynne said the development would result in a positive for Melbourne’s CBD, offering more open space while revitalising a dormant block.
“We worked with the council and CBUS so the final design would protect the Yarra River, deliver more parkland in the city and reflects our push for long-term design we can be proud of.”
Image via vic.gov.
