The fate of One Melbourne, an AU$1-billion (US$710 million) four-tower precinct in Melbourne’s Southbank, hangs in the balance as plans for the 1.2-hectare site are torn up and the developer’s founders are allegedly facing embezzlement charges.
DEC Australia, a subsidiary of Dheeraj and East Coast, amalgamated three sites at 400-430 City Road for a total of about AU$26 million (US$18.4 million) after spending almost $60 million (US$42.6 million) on four sites in 2008. The project was initially launched in 2009 and the plans were for an AU$850-million (US$603-million) mixed-use precinct including apartments and a hotel, which initially won support from the state government in 2010. But in 2013 plans were put on hold.
The project was then re-proposed in 2017 as a four-tower, 1200-apartment and hotel precinct up to 40 stories, with 32,000 square meters of commercial space, retail and a childcare center proposed for the triangular site.
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