New CBD Apartments To Fund Homes For Homes
Upgraded laneways and community space will be built as part of a new CBD development approved for 111 A’Beckett Street in Melbourne’s CBD.
Minister for Planning Richard Wynne has approved a 64-storey development which will have 632 one, two and three-bedroom apartments, retail space, car and bike parking.
Permit conditions include laneway upgrades and space dedicated to community use, such as a childcare centre, for at least 10 years after construction.
The $190 million project, designed by Ellenberg Fraser, will retain the existing deco-style frontage of the Commonwealth Motors building.
The developer has chosen to support non-profit organisation Homes for Homes and a percentage of apartment sales will generate more than $1 million for social housing.
Homes for Homes was established by The Big Issue to raise money for social and affordable housing, aiming to raise $1.8 billion over the next 20 years.
Their model is based on a percentage of the sale price upon settlement for each unit, plus a smaller donation every time the units are on-sold.
The funds are distributed to housing suppliers and provide accommodation for low-income earners, youth housing and emergency accommodation for women and children.
Quotes attributable to Minister for Planning Richard Wynne
“This project has all the elements – well-designed apartments with plenty of light and ventilation, community space and upgrades to the surrounding street so the surrounding area is enhanced by development.”
“The Homes for Homes model works because it makes it easy for developers to fund new social housing and creates an ongoing revenue stream for providers.”