- Capital Alliance has been selected for the Revitalising Central Dandenong urban renewal project
- Expected to create 2,600 jobs
- Expected to add $1.5 billion in value to the area
The Victorian Government has awarded Melbourne-based developer, Capital Alliance exclusive development rights to take on the next phase of its Revitalising Central Dandenong (RCD) initiative.
Commenced in 2006, the project was established in response to the competition from neighbouring areas which started in the early 1990s, resulting in reduced investment in retail, entertainment and amenity infrastructure.
Supported by an initial $290 million commitment from the Victorian Government, there has been $700 million of additional investment in the area to date, with a further $300 million expected once the project is complete.
The initiative looks to bring Dandenong back as the social and thriving economic centre of Melbourne’s south-east through improving public transport, creating a compact and lively shopping hub with a variety of places to visit, high quality building designs and inviting streets that provide easy and safer pedestrian connections around the street day and night.
Capital Alliance has proposed a mixed-use masterplan, which will create an expected 2,600 jobs and almost 500 ongoing jobs once finished.
The plan includes a minimum of 500 new dwellings, community space, commercial offices, hotel and conference centre, an urban brewery entertainment district, an educational training facility, retail, medical, cinema, a modern contemporary Little India, and a new dining precinct.
Capital Alliance Founder and Chief Executive Mohan Du said the project is an opportunity to further urbanise and give central Dandenong the investment it needs to cement its status as the capital of the southeastern corridor of Melbourne.
“Our unwavering commitment to central Dandenong reflects the difficult year that was and the tremendous work by government to make this a reality for the community,” Du said.
“We envisage the project at completion will add $1.5 billion in value to central Dandenong, drastically improving the urban experience and overall prosperity for Dandenong.”
Construction is expected to commence no later than 2023.