Beloved Melbourne market to have 900 apartments under redevelopment plan
Residential towers ranging in height from eight to 16 storeys would surround the market and include 10 per cent affordable housing under plans to redevelop the site.
Melbourne's Preston Market, a cherished community space in the city's northern suburbs, is set to undergo a redevelopment project that will see the construction of around 900 apartments. The master plan, submitted to Planning Minister Sonya Kilkenny, aims to preserve 81 per cent of the market's current footprint while adding approximately 14,000 square meters of specialty retail and commercial space.
The development will consist of eight residential towers ranging from eight to 16 storeys in height, with affordable housing comprising about 10 per cent of the dwellings.
The Darebin City Council, which owns the market, is encouraging local residents to provide feedback on the plans before the October 14 deadline. Mayor Emily Dimitriadis emphasized the council's commitment to providing suitable accommodation for the growing community while safeguarding the market's unique character. The redevelopment plan has sparked controversy, with the Victorian Greens urging the state and federal governments to acquire Preston Market and criticize the consultation process as "woefully inadequate."
Preston Market, owned by Medich Corporation, a Sydney-based property investment firm, is a vital multicultural community hub. Greens MP Anasina Gray-Barberio stressed the importance of ensuring that any redevelopment plans prioritize the community and traders, and protect what makes the market special. Medich Corporation and the Victorian government have been approached for their response to the redevelopment proposal.
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