Construction Commences on Melbourne's $440M Aspire Tower

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Construction has commenced on Melbourne's newest 'super tower'. The works, valued at $440 million, will create roughly 1000 jobs over a three-year period. 

The 65-storey Aspire Melbourne tower has seen its first sod turned, with demolition work well and truly underway. 

In a joint venture with MaxCap group, property developer ICD Property have appointed Elenberg Fraser to design the tower, which is set to constructed by Hickory as part of a $180 million contract. 

The tower will be situated beside the Flagstaff Gardens and has received financial backing from  Goldmans Sachs. 

Aspire Melbourne will include 594 apartments and six levels of amenities, including a mezzanine library, a coworking space and boardrooms, champagne conservatory, whiskey parlour and wellness centre.

ICD Property Managing Director Matthew Khoo said the company has been dismayed at the soaring unemployment figures and the direct hit to the Australian economy due to the COVID-19 pandemic.

“With construction commencing in the thick of these troubling times, it is certainly very pleasing that we will be able to provide such a significant boost to the local economy and the job market,” he said.

Khoo said with the company's long track record of successfully delivering high-rise towers throughout Melbourne, Hickory was an ideal choice.

“Contributing to the country’s property landscape since 1991, Hickory has been a pivotal player in the evolution of our city’s skylines. Offering an innovative approach and proven ability to deliver buildings of this scale, their ability to remain at the forefront of innovative construction methodology is unmatched,” he said.

“Our first project together, we are proud to partner with Hickory in bringing to life this transformative development that will undoubtedly contribute to shaping the future of multi-residential living in Melbourne.”

MaxCap Direct Investment Director Simon Hulett said MaxCap is committed to supporting quality developers and builders, such as ICD and Hickory, in delivering iconic projects across the country.

“It is a credit to all stakeholders in Aspire Melbourne that we have now reached this significant milestone. We are excited to see construction progress and jobs created.”

A number of precautionary measures have been implemented to align with the State Government regulations for COVID-19. Construction conducted offsite for certain elements of the works will reduce the amount of workers needed on site at any given time. 

Prior to construction commencing, archaeological excavations were needed. Interestingly, these efforts uncovered the remains of an eighteenth-century girls’ school and thousands of artefacts that date back to the start of Melbourne’s historic settlement uncovered – providing a unique window into life in early Melbourne.

Staged completion for the project is expected by 2021, with full completion by early 2022.

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