Sam Tarascio, who is worth just over $1 billion according the 2016 BRW 200 Rich List, has surprised planners and real estate agents by substantially slicing the maximum height of apartment buildings within a controversial Preston Market redevelopment in Melbourne's north.
After twice trying to have the land rezoned to allow for towers rising 28 storeys, the Salta Properties founder, who until recently only built commercial assets, has applied to construct three residential buildings, rising nine, ten and 14 levels, on car park land off Murray Road, abutting the Preston train station.
The popular market, which replaced the Broadhurst Tannery in 1970, is co-owned with Sydney based Medich Corporation.
The proposed buildings will include a total of 300 apartments atop eight retail tenancies ranging between 45 square metres and 495 square metres, and an underground car park.
A resident-only communal garden of about 1000 square metres will be developed between the two larger buildings, as will rooftop gardens, a basketball court and shared barbecue and dining spaces.
Exclusive aerial imagery provided to BusinessDay shows the proposed buildings in context to neighbouring sites.
Given its location, immediate to public transport, the market has been regarded by planners, and the owners, as an infill residential development opportunity for more than a decade, but is also much loved (and unloved) in its current form.
In 2009, the owners built a low-rise office building at the north-east corner of the 4.3 hectare market site, for Centrelink.
Last month they started a $4 million refurbishment of the existing retail space, which upon completion will also environmental improvements.
The City of Darebin council is expected to exhibit the next stage of the market's redevelopment within weeks. Its planning authorities have rejected contentious plans to, among other things, exempt the site from a zoning allowing a maximum 10-level building height.
Over recent years, numerous suburban apartment tower developers have asked to have height restrictions waived. On part of the former Moonee Ponds Market site, a 34-level apartment building was recently proposed while in Box Hill, towers of about 40 levels, will soon replace low-rise office blocks around Whitehorse Road.
The latest apartment proposal by Preston Market's owner will occupy a relatively small portion of the site. Longer term, more of the car park, and air space atop existing buildings, could be replaced.