A $276 million tower proposed above Melbourne heritage buildings

A proposal for a $276 million, 32-storey tower above two heritage listed buildings on Collins Street will be put before the City of Melbourne on 23 April.

If approved, the Cox Architecture-designed tower would be erected behind the Winfield building and above the Rialto building at 487-503 Collins Street. The proposed high-rise would be mixed-use, comprising a nine floor hotel with 273 suites, 15 levels of commercial office space, conference and meeting rooms, and retail tenancies at street level.

Both the Winfield and Rialto are heritage listed. Both constructed in the 1890s, the Winfield was designed by architects Charles D'Ebro and Richard Speight Junior to house Melbourne's first wool exchange, while the Rialto was designed by architect William Pitt for businessman Patrick McCaughan.

The proposed building takes shape as a tower atop a podium, while the materiality of the facade comprises glass, bronze aluminium details and aluminium louvres. The tower tapers in from the western boundary, resulting in a gap in the airspace between the roof of the Rialto building and the proposed tower.

Under the plans, an atrium would be established to connect the heritage buildings to the tower along with a new pedestrian link between Collins Street and Flinders Lane.

The Victorian Design Review Panel has endorsed the plans following its review of the project. City of Melbourne's planning officer's report recommended that councillors support the proposal, which will ultimately be decided by the planning minister. It is also subject to approval by Heritage Victoria.

The developer Salter Brothers stated that if the project is approved, construction would commence in 2025. The duration of the project is anticipated to take three years.