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The major residential and commercial projects that are under construction, within a 1km radius to Pran Central, will attract an estimated 370 new residents to the Chapel Street precinct during FY20 and an additional estimated 867 new residents to the precinct by 2023.
Status: Plans approved September 2021
Commencement Date: to be confirmed
Expected To Be Completed By: to be confirmed
Usage: 2 residential towers over a combined basement. Ground-level retail with 2,000 square metres of commercial office space with pedestrian through-link. Pedestrian laneway leading to South Yarra train station connecting residents to Melbourne's CBD.
Residential details: Tower 1 is a 30 storey tower on Yarra Street, including 382 apartments. Tower 2 is a 21 storey tower on Claremont Street, housing 243 fully furnished flexible living apartments.
This development will create approximately 970 jobs during the construction phase and around 150 additional jobs through the office, retail and on-site management components post-completion.
Distance From Pran Central: Approx. 1.9km
Cost: $500 million
Developer: Greystar Real Estate Partners, LLC (“Greystar”) & Fender Katsalidis (“FK”)
Prahran Square is the $60+ million transformation of the old Cato Street car park in Prahran, located directly opposite Pran Central, into almost 10,000m² of multifunctional urban parkland with underground car parking.
Prahran Square features a 500+ car park which conveniently provides shoppers and retailers in the surrounding Chapel Street precinct with 24 hours of underground parking.
The major residential and commercial projects within a 1km radius to Pran Central attracted an estimated 370 new residents to the Chapel Street precinct during FY21 and an addtional estimated 867 new residents to the precinct by 2023.