Formerly part of Crown’s Southbank precinct in Melbourne, the prime land opposite Crown Casino is set to be transformed into a 67-storey residential tower, a project which could cost AU$1.5 billion ($950 million).
According to the Financial Review, developer Vince Giuliano of PDG has unveiled plans for this landmark project, following his AU$85 million ($57 million) land acquisition from Blackstone, Crown Resorts’ owner, last year.
This location was initially intended by Crown for a AU$1.75 billion ($1.17 billion), 90-floor hotel and apartment complex, a project that was ultimately abandoned in 2019.
PDG’s proposal, designed by Cox Architecture, features 483 apartments and allows for the potential development of a boutique hotel, integrating the heritage-listed Queensbridge Hotel into the building’s design. Giuliano expressed confidence in his ability to succeed where Crown, among others, had previously encountered setbacks.
The sale of the One Queensbridge development site, finalized in August, is a component of Blackstone’s strategic initiative to address Crown’s financial underperformance, as reported by AGB. This transaction is part of a broader divestment strategy, which also included Crown’s sale of its 20 percent stake in Nobu for AU$1.3 billion ($760 million).
