The Queen Victoria Market precinct has been undergoing a major facelift recently. A brand-new library opened and the old food hall got an impressive makeover. Now, the site of the market is about to undergo a massive transformation, with the construction of a billion-dollar development. Before you panic, don't worry, the beloved sheds of our market will remain as they are and the market isn't going anywhere. But, the land to the south of the main sheds – where the open-air car park and Franklin Street shops are – will be turned into a public square and three high-rise towers.
It'll be called Gurrowa Place, with the City of Melbourne working with Lendlease to bring about the $1.7 billion development. The heritage permit has been approved by Heritage Victoria, and final federal heritage approval has also been granted, which means construction is likely to begin in 2026.
The high-rise buildings will be located at the south end of the Queen Vic car park, where the disused Franklin Street shops currently are. The plan is to fully restore the Franklin Street retail space and build on the area with three towers, the tallest of which will be 28-storeys (but the permit allows for up to 49 levels to be built). These towers will be used for residential apartments, student accommodation, affordable housing and office spaces. This will be a fairly long process, with construction expected to take five years.
Down on the ground, there's another component of the new development, with the current open-air car park being turned into a 1.8 hectare public park called Market Square. The idea is that it'll be a gathering place for city workers and residents to enjoy, provide more green space in the city and boost business to the area. Plus, there'll be an extension to the underground car park capacity, to make up for the loss of the original car spaces. There'll also be a new building next to Market Square, located on Queen Street, aptly named the Queen's Corner Building. This will be a visitor centre with amenities, designed to connect the market and the public park.
This is all part of a huge Queen Victoria Market precinct renewal project, which has been ongoing for a number of years and comprises several projects.
“This development will also make a major dent in the housing crisis – delivering new homes, including affordable housing which the city desperately needs,” says Melbourne Lord Mayor Nick Reece. “Lendlease and the City of Melbourne can now confidently move forward with groundbreaking plans to transform the precinct.”
If you're a long-time Melbourne local, it may be difficult to imagine such a huge transformation happening at the iconic market site, with looming high-rise towers in such close proximity. But the wheels are in motion to begin construction, so watch this space.