property
Greensborough Approves 15-Storey Tower Adding 220 Apartments Near CBD
Greensborough planners cleared a 15-storey mixed-use tower on Elm Street that will add 220 apartments and ground-floor shops within two blocks of City Plaza.
How we reported this
The Greensborough Planning Commission approved the Elm Street Tower project on July 7, giving the green light to a $62 million development two blocks from City Plaza.
The decision arrives as the local housing shortage has pushed median apartment prices above $410,000 in the central wards, with vacancy rates hovering near 2.1 percent according to the latest Greensborough Real Estate Board report.
Developers plan to start site work in September on the block bounded by Elm Street and Station Road, replacing two vacant warehouses that have stood empty since 2019.
Local anchors and transport links
The site sits 300 metres from the restored Greensborough Market on Market Square and directly across from the Greensborough Community Health Centre on Oak Street, both of which recorded record foot traffic last quarter.
Residents will have immediate access to the weekday shuttle that runs from Station Road to the industrial park on the north edge of town, cutting commute times for workers employed at the logistics firms that have expanded there since 2024.
City records show the project will deliver 220 one- and two-bedroom units, with 30 percent reserved at below-market rents under the Greensborough Affordable Housing Program launched in 2023.
Construction timeline and market effects
Building permits list a 26-month construction window ending in late 2028, with the first 80 units scheduled for occupancy by March 2028.
Local realtors expect the new supply to ease pressure on nearby streets such as Maple Avenue and Riverfront Drive, where asking rents have climbed 14 percent year-over-year.
Buyers can track progress through monthly updates posted on the city’s planning portal, and pre-sales information will be released through approved local agents starting next month.
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.