Greensborough Planning Board Greenlights $187M Mixed-Use Tower Near CBD

The Greensborough Planning Board voted unanimously on Monday to approve a $187 million mixed-use development at 412 Primrose Street, marking the most significant greenfield project to clear the approval pipeline in three years. The decision removes the final regulatory barrier for a tower that will reshape the CBD's northern perimeter and inject 340 apartments into a neighbourhood where residential stock has flatlined since 2019.

The timing cuts across a broader squeeze in Greensborough's rental market. Median apartment rents on Primrose and adjacent Fernleigh Avenue have climbed 34 percent since 2023, according to data from the Greensborough Property Council, while new supply lagged demand by 1,200 units annually over the same period. The approval signals a turning point for a city that has watched younger professionals migrate to competing hubs with cheaper entry-level housing.

Ground Floor to Anchor Retail Strip

The development's footprint includes two retail pavilions fronting Primrose Street-totalling 8,500 square metres-and a podium-and-tower design that preserves sightlines to the heritage Mechanics' Institute on the opposite corner. The ground plane is reserved for hospitality and convenience retail, with operators yet to be named. The planning board's conditions include a requirement that at least 40 percent of retail space be allocated to locally owned tenants via a first-offer process managed by the Greensborough CBD Association.

Just two blocks south, the Crown Street precinct-home to the Central Library and the Civic Plaza-will benefit from foot traffic spillover, said planning chair Marcus Webb during Monday's session. The CBD Association has long advocated for mixed-use intensification to animate streets between 9 a.m. and 6 p.m., when office workers typically fled for car parks. This project is expected to generate approximately 280 construction jobs over 28 months, followed by 45 permanent retail and hospitality roles.

Unit mix breaks down as 40 percent one-bedroom (136 apartments at $485,000-$520,000 base price), 48 percent two-bedroom (163 at $680,000-$745,000), and 12 percent three-bedroom penthouses (41 at $1.2 million-$1.8 million). Developer Meridian Constructions has committed 15 percent of units as affordable-rent stock-51 apartments leased at 75 percent of local median for 15 years, a concession worth approximately $8.2 million in foregone revenue.

Parking and Transport Tethered to Council Targets

The approval stipulates 0.8 parking spaces per apartment-well below the city's historical 1.2-space minimum-contingent on a binding agreement with the Greensborough Transport Authority to fund three new bus rapid transit stops along Primrose within 18 months. The developer must also contribute $4.1 million to the city's Active Transport Fund, earmarked for cycle lanes and pedestrian crossings on Crown Street and Fernleigh Avenue. These conditions reflect a post-2024 planning shift: new projects now anchor to public transit and active-transport infrastructure, not car-dependent zoning.

Construction is slated to begin in Q4 2026, with first occupancy targeted for Q2 2028. The project sits on a 3,200-square-metre site formerly occupied by a 1970s office building-demolished in 2024-and a surface car park that has been dark since 2021.

Buyers and renters keen to enter the market should monitor the developer's sales office opening in August at the Crown Street Plaza. First-stage pre-sales typically move 40-50 percent of stock within the first three months. Those eyeing the affordable-rent cohort should contact the Greensborough Community Housing Trust by September 30 to register interest; the trust will manage tenant selection via a lottery system.

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.