Federal approval has been granted for a $1.7 billion housing development that will not only deliver thousands of new homes but also reimagine the historic Queen Victoria Market precinct.
The Lendlease-led project will see two residential towers, a student accommodation tower and a low-rise civic building rise adjacent to the market, creating more than 2,200 residences — including 1,100 new apartments, 130 affordable homes and 1,150 student rooms.
The market’s existing carpark will make way for a 1.8-hectare public park, designed to highlight the heritage of the Old Melbourne Cemetery, while the historic Franklin Street Stores will be restored.
Minister for the Environment and Water Murray Watt said the project would carefully balance Melbourne’s housing needs with heritage preservation.
“Through thoughtful design, this project will provide new and much-needed housing while ensuring this Melbourne icon can be enjoyed for many years to come,” Minister Watt said.
“The market will continue to provide its famous fresh produce for Melbourne families and visitors, as it has done continuously since 1878. This project will offer modern facilities to make the market more accessible and appealing to traders, customers and tourists alike, without impacting the amount of parking on site.
“And the development will provide significant heritage benefits for the Queen Vic Markets by restoring the historic Franklin Street Stores.”
Construction is set to begin in 2026.
