The first condo development to break ground in Foxcroft, a luxury hotel in the city of Melbourne, will include a high-end shopping mall and an entertainment district.
Foxcroft Condominiums, which will be set to breakground on June 2, will have 20,700 apartments, including 12 luxury apartments, according to the company that has purchased the land from developer Foxcroft Group.
Foxcroft Group CEO John Sayer said the development will be “the largest condominium project in the history of the city”.
“This project is the largest condontown development in Australia, with 20,710 units,” Mr Sayer told AAP.
“The project will be the largest luxury condominium development in Melbourne’s history, with a total of 30,000 units.”
“The high-performance and innovative technology, coupled with a community engagement model, will deliver an unparalleled entertainment and leisure experience,” he said.
“Foxcroft Condos, the most innovative, high-performing, and well-managed condominium developments in Melbourne will create a new destination for local residents, families and visitors to the city.”
Foxcroft said it had secured a “pre-initiated investment” from the Victorian Government for $1.1 billion to finance the project, and had secured financing from private investors to complete the project.
Mr Sayer added the development was set to generate at least $3 billion in economic activity, and would “provide an important catalyst for new residential development in the region”.
Foxcroft CEO John Cates said the project would provide a “big step change” in the area, which had been “drastically underdeveloped for more than 25 years”.
“We are committed to a high quality and affordable residential development that will provide the most efficient, cost-effective, and socially-responsible form of housing for the area,” he told AAP on Monday.
“This development will contribute to the revitalisation of Foxcroft and will provide a significant and positive step change in the local economy, while delivering an economic boost to the region.”
Foxridge Property Trust has been approved for the purchase of the Foxcroft property from Foxcroft Partners and its partner, the Victorian government.
The developer, which has developed the Foxburn Estate in Carlton, has a contract to construct and develop three additional Foxcroft developments in the Melbourne CBD, starting with two luxury units, which are expected to be built next year.
The Foxcroft condontominiums will be located on the first floor of a new four-storey building that will include an entertainment centre and a hotel.
Foxcroft Properties has also secured a $1 billion pre-invention loan from the State Government for the development, and is negotiating with developers to begin construction in 2019.
The development is set for completion in 2023, with an estimated total of 20,800 apartments.