The $520 million reinvigoration of 623 Collins Street, designed by Carr, has been approved by the Victorian Department of Transport and Planning, which will see the construction of a 42-storey mixed-use tower and refurbishment of a former bank building transformed in the heart of Melbourne.

Plans for the 1972 sqm amalgamated site comprise 175 apartments, alongside 2717 sqm NLA premium-grade commercial space. A 229-key hotel will encompass the upper heritage podium levels, in addition to a fine dining restaurant.

Working alongside heritage consultants Lovell Chen, Carr have endeavoured to re-establish a sense of scale and rhythm to the street. Three podiums across the two buildings each feature a recurring square detail motif, creating an engaging architectural reading to the street. 

“Introducing a new architectural language to the area, the design for 623 Collins Street aims to revive the historic site with a contemporary yet considered response,” says Carr Managing Director Chris McCue.

“The new tower is recessed above the heritage façade and features separate entrances for residential and commercial spaces, providing an elevated and distinctive arrival experience.”

Blending old-world charm and luxury, Carr have been mindful of an eclectic number of occupants that will utilise the site for different purposes. Sterling Global Development Director David Morgan says he is delighted to have been granted approval from key Victoria’s planning body.

“Thanks to the Department of Transport and Planning’s swift and efficient management of the planning application process, we’re proud to add this prestige project, which includes our first hotel, to our rapidly growing development pipeline of high-quality assets.

“Soon to be a rare and timeless landmark for Melbourne, 623 Collins Street reflects our commitment to preserving the city’s heritage fabric while contributing to the Victorian State Government’s housing policy of significantly increasing housing supply over the next decade.”

Construction will begin in 2025 with an eye on completion for 2028.