$1.1b Worth of Projects Fast-Tracked in Victoria

 $1.1b Worth of Projects Fast-Tracked in Victoria

Over $1 billion worth of projects have been fast-tracked by the Victorian Government in an attempt to boost the state’s economy amidst its latest coronavirus woes.

The latest projects to be accelerated by the ‘Building Victoria’s Recovery Taskforce’ include the $291 million residential development at 938 Collins Street and a $250 million development at 31 Station Street.

A total of seven projects have been fast-tracked by the state government, with Treasurer Tim Pallas announcing the plans which aim to provide jobs and deliver key developments across the state.

“These projects help grow our building and development industry, they create jobs and they build the things Victorians need,” Mr Pallas said.

The other ‘shovel ready’ projects to receive planning permits include the new $200 million solar farm at Kennedys Creek, and the $150 million Geelong Civic Precinct, which will create 900 full time positions once complete.

Minister for Planning Richard Wynne said: “Now more than ever, Victoria needs a strong building and development sector, and we’re making sure this industry can continue to thrive all over the state, despite the challenges of coronavirus.”

The remaining projects are a $110 million mixed-use development in Glen Iris, a $70 million development in Kensington and two multi-storey apartment buildings in North Melbourne.

The news is welcome as the Victorian Government aims to fight back against the economic clutches of COVID-19, especially as Victoria has seen a spike in cases of the deadly virus.

Since March, the Government has approved 91 new and amended planning permits for projects which have a combined development value of more than $6 billion.