MALAYSIAN-backed Beulah International has broken ground on its $200 million Paragon development in Melbourne’s CBD, as it moves through the early planning stages of its “Green Spine” tower in Southbank that could become the tallest in Australia.
Paragon, located at 318 Queen Street, will comprise 227 apartments across 48 levels and is nearing 90% sold.
It was designed by Fender Katsalidis and landscaper Paul Bangay, and will feature an indoor urban forest over three levels.
Victorian Minister for Industry and Employment, Ben Carroll, was at the ceremony. Beulah will need to negotiate a path for $2 billion, 356.2-metre high dual-tower Southbank development on the BMW dealership site that it acquired last summer for more than $101 million.
At its current height, the planned structure it is in breach of the same air safety restrictions that saw currently under construction neighbour Australia 108 cut down from 388 to 319 metres.
“Green Spine” was drawn up by Dutch firm UNStudio and Melbourne-based Cos Architecture, and was chosen from six entries as part of a competition organised by Beulah.
The taller of the two towers will be used mostly for residential space, while the second tower will rise 252.2 metres and include commercial offices, a hotel, restaurants and bars.
At the lower levels, there will be an entertainment precinct, school, day care centre, library, cinema, auditorium, and an Australian-first BMW experience centre.
Australian Property Journal