$1.2b of Shovel Ready Projects to be Fast-Tracked in Victoria

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In a massive boost to the industry in Victoria, premier Daniel Andrews has yet again pushed to fast-track construction projects throughout Melbourne, approving upwards of $1.2 billion in building and development projects. The investment is part of the $2.7 billion stimulus package for the industry. 

Set to be overseen by the Building Victoria's Recovery Taskforce, the decision will propel five shovel-ready priority projects throughout the city. The efforts are expected to create thousands of potential jobs in the state and dramatically increase the state's economy. 

The taskforce will be responsible for identifying and investigating opportunities to increase the state's development and building industry over the short, medium and long term. 

Their decision to fast-track the new projects follow earlier approvals for the country's tallest residential tower, as well as three other mega-projects in late-April. 

Some of the projects that have been green-lit include a $234 million 68-storey residential development at 64 Bourke Street, Charter Hall's $290 million 21-store office building at 140 Lonsdale Street and a $180 million Fender Katsalidis-designed hotel at 600 Lonsdale Street. 

A 20-storey tower comprising near 17,000sq m of office space will be built between 683-699 Elizabeth Street along with a $60 million residential development on the former Commonwealth Games village site at 67-81 Galada Avenue in Parkville.

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Minister for planning Richard Wynne said the priority approvals would assist the industry through the unprecedented challenges of the pandemic.

“Victoria remains open for business and our dedicated Taskforce is making sure a pipeline of projects continue to stimulate the economy and create jobs.”

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