21st March 2010
One of the newest developers to emerge from the recent economic downturn, which put a financial strain on many of Melbourne’s traditional builders, has quietly purchased a development site opposite Albert Park Lake.
Little Project Developments has snapped up 161 Fitzory Street, a building famous 10 years ago for being part café and part Lamborghini dealership.
Also known as the old Zagame car dealership site, the property is next door to Medina apartments, between Grey and Princes streets – and is part of the trendy, but at times boisterous, Fitzory Street retail strip. The council is said to be reviewing a building application for a medium-density apartment tower, to be called Halo, which could rise to more than 10 levels.
Developments of about 20 levels are dotted along The Esplanade nearby, Port Melbourne and St Kilda Road. A 38-level tower was approved last year for a prominent site on the Chapel Street in South Yarra.
LPD director Michael Fox told Secret Agent it has been has teamed with Macquarie Capital to develop the project, for which it is taking apartment buyer registrations.