property
Major Development Approval Granted for Landmark Project Near Albert Park CBD
City planning authorities give the green light to transformative mixed-use precinct on Fitzroy Street, promising new homes, retail, and jobs within walking distance of Lakeside Park.
How we reported this
A significant new chapter for Albert Park’s urban core began last night when the city’s planning commission granted approval for a major mixed-use development on Fitzroy Street, less than a kilometre from the CBD. The decision unlocks a multi-stage project that will reshape a stretch of underutilised land between Canterbury Road and Cardigan Place, directly across from the Albert Park Lake foreshore.
A Timely Boost for Central Albert Park
This is the largest single development approval near the CBD since work began on the Lakeshore Residences precinct back in 2023. The move comes amid sustained housing pressure in Albert Park, where vacancy rates last quarter hovered at a tight 1.8%, according to the local property registry. With population growth and demand for inner-suburb living both on the rise, city officials say new supply is urgently needed to keep median rents and sale prices within reach.
Under the approved plans, the Fitzroy Street project will include three residential towers overlooking the lake, providing up to 550 new apartments as well as retail space, childcare, and two levels of underground parking. The prominent location sits near well-trafficked tram stops and is a short walk to both the St Vincent’s Community Centre and the Albert Park Tennis Club. The proposal also outlines connections to improved cycling lanes along Beaconsfield Parade, aiming to better link the site with Albert Park College and the markets at Victoria Avenue.
Details and Numbers: How the Development Stacks Up
Property data provided by Albert Park Board of Real Estate puts the average price for a two-bedroom apartment in the immediate area at $870,000 as of June 2026. The development’s proponents have said approximately 60 of the new apartments will be ringfenced for affordable housing, to be offered in partnership with Parkside Affordable Homes program. Construction is set to begin by November this year, with the builders targeting mid-2029 for completion of the initial residential and retail components.
The project is also forecast to deliver more than 480 temporary construction jobs over its three-year build. Retail tenancies fronting Fitzroy Street are expected to draw local cafes and specialty grocers currently squeezed out by rising rents, and the plans include a new public plaza opening onto Albert Park Lake. With Lakeside Stadium and the Greenfields precinct nearby, planners anticipate a steady foot traffic boost for both recreation and small business in the area once works finish.
Prospective buyers and renters can expect initial expressions of interest to open by early 2027. City officials advise locals who want updates on construction impacts near Canterbury Road or Cardigan Place to follow project bulletins published on the Albert Park City Council’s website. A public information session will be held at the St Vincent’s Community Centre next month, with details due to be published in the council newsletter next week.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.