Lacrosse back on track
30 Apr 2010
Following delays due to last year’s global financial crisis, the $300 million Lacrosse development at 675 LaTrobe St is finally set to start this month.
Property funds management and development company Charter Hall Group announced in mid-April that it had acquired the rights to develop stage one of the development, along with the existing Melbourne-based developer, PanUrban.
PanUrban chairman Morry Schwartz said: “We are delighted to be partnering with Charter Hall and look forward in delivering
a successful project together.”
Charter Hall joint managing director
David Southon said the project fitted well with his company’s strategy to take advantage of the current buoyant
Melbourne residential market.
“This latest development in an exciting emerging precinct reinforces Charter Hall’s capabilities to source well incubated development projects and deliver a quality product,” Mr Southon said.
The stage one east tower will include 312 apartments, 1300 square metres of retail space, recreational facilities and 150 car parking spaces.
Pan Urban and Charter Hall Group are currently in discussions about stage two, which involves a west tower with 259 apartments, a business centre and retail space.
VicUrban’s general manager for project planning and innovation David Young said: “This is evidence of the development momentum that is now building in the residential sector following the GFC.”
PanUrban, which initially partnered with the Halim Group, had planned to start development by mid-2008, but during the GFC the criteria for development finance lending was tightened and its plans were brought to a halt.
It is expected to take 23 months to complete the development, which sits adjacent to Etihad Stadium.
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