It may have taken a few decades, but the corner of Blackburn Road and Princes Highway is finally receiving a complete, multi-million-dollar makeover.
Owner Nick Saraceno of Saraceno Group has partnered with BRW top 100 private enterprise Schiavello to create a sprawling proposal for the site, which was once home to the Monash Homemaker Center. The plans include accommodations for three residential towers, a nine-storey office, a 250-bed hotel, various restaurants, a cinema, a Kmart and a Woolworths.
The project, initially rejected by the Monash City Council, was first approved by ex-footballer-turned-MP Planning Minister Justin Madden back in 2010—a full 18 years after Mr. Saraceno originally acquired the property. Spanning 3.52 hectares, the “mixed-use” development (heralded as one of the largest proposals ever to be submitted outside Melbourne CBD) is part of a growing trend in Australian real estate: the all-in-one living community.
As such, future residents of the complex—fashionably dubbed “M-City Monash”—can look forward to having a host of amenities within walking distance of their front door. “I am excited about…creating an exceptionally high-quality precinct which will offer a wonderful place to live, meet and foster community, work and study, shop, maintain health and fitness and enjoy leisure and hospitality,” Schiavello Group managing director, Peter Schiavello said. Mr. Saraceno added that the development, which may break ground as soon as July, would be an “ideal” setting for both young students and more seasoned professionals.