New $1.7bn Crown tower wins government approval

The Victorian Government has approved a new tower at Crown Casino in Melbourne.

The Victorian government has approved a new $1.7 billion hotel at the James Packer-backed Crown Casino complex in Melbourne.

At 323m high and with 90 levels, the planned tower is set to become the tallest building in Australia.

Victorian Premier Daniel Andrews and Planning Minister Richard Wynne announced the tower had received planning approval at a press conference on Thursday.

Commercial Insights: Subscribe to receive the latest news and updates

A spokesperson for Wynne told The Australian that the building will be marginally higher than Q1 on the Gold Coast, which is 322.5m, making it the tallest building in the country.

“This will be Melbourne’s tallest building, and arguably it will be Australia’s tallest building,” Andrews says.

“But it’s not just about height though. The quality of this design outcome, particularly the public realm benefits, the benefits that will be accessible for all Victorians, really mark this out as a very special project.”

Crown, which has partnered with developer Schiavello for the project, has estimated the 388-room hotel and 708-unit apartment complex will create 1200 direct and 1680 indirect construction jobs over five years, and 1050 permanent jobs.

As a condition of the approval, Crown and Schiavello have agreed to invest up to $100 million in significant tourism and public realm amenities in the Southbank precinct.

The approval comes as Crown has returned its focus to its Australian operations following a move to sell down its interests in Macau and abandon its Las Vegas plans late last year.

This week, Crown’s online betting arm CrownBet announced a deal with NSWClubs.

This article originally appeared on www.theaustralian.com.au/property.