The scheme involves the building of a precinct that can support the retail, residential and service sectors, and will have an influence on the economic development of the eastern suburbs of Melbourne, perhaps leading to increased demand for business forms from Heathmont.
More suburban employment could also ease the pressure on the transport infrastructure of the city. Peter Schiavello, the managing director of his enterprise, told The Australian:
“I am excited about the focus of the joint venture on creating an exceptionally high-quality precinct which will offer a wonderful place to live, meet and foster community, work and study, shop, maintain health and fitness and enjoy leisure and hospitality.”
Planning permission for the venture has already been granted. Further, the necessary demolition work has been accomplished. Nonetheless, it might take over three years for the completion of the construction.
The project, which is to be called M-City Monash, will be located in the vicinity of Monash University. Student accommodation has featured in the plans. However, an international hotel will be built on the site, and will incorporate a centre for hosting conferences.
Colliers International is going to play a significant role in the initiative. The organisation will have the responsibility of leasing retail outlets within the complex. Woolworths has already made a commitment to the precinct.