Queen Victoria Market towers approved

The Victorian Department of Transport and Planning has approved a $1.7 billion project to create three towers adjacent to Melbourne's Queen Victoria Market.

To be known as Gurrowa Place, the project is part of the largest urban renewal project undertaken by the City of Melbourne, which will revitalise a 3.2-hectare site south of the heritage market.

The three towers will comprise a 125-metre-tall commercial office building, a 162-metre-tall residential building with 15 percent of the net floor space allocated to affordable housing, and a 183 metre-metre-tall student accommodation building.

Developer Lendlease also announced it has executed contracts between the City of Melbourne and student housing provider Scape.

Across the development there will be approximately 560 build-to-rent apartments, 80 affordable homes, and 1,100 student residences.

Lendlease and the City of Melbourne will also collaborate on a 1.8 hectare public park on the site.

"Gurrowa Place will become home to thousands of new residents, attract more market customers and boost business for traders - while unlocking one of the largest open spaces in the CBD," said lord mayor Sally Capp.

"We're one step closer to starting work to enhance the traditional market experience Melburnians and visitors know and love."

Lendlease CEO Tom Lombardo added, "The $1.7b Gurrowa Place project represents an enormous opportunity to revitalise one of Melbourne's most-loved precincts with new public space, retail, office and housing."

The project is expected to be completed in the 2028 financial year.