By ANNE GIBSON
Symphony Group is about to start building The Parc on the former Turners & Growers city markets site at the Viaduct Harbour.
The development of 15 five-storey apartment blocks is planned to bring to the area 113 luxury units, selling for between $495,000 and $2.3 million.
The land, owned by Tramco Group, is on a seven-year rent review.
"The apartment buyers will deal directly with Tramco on this review," said Symphony managing director Chris Minty.
Symphony would have no involvement in the project once the apartments were finished. They would be managed by a body corporate, he said.
The old city markets will be demolished in April and the stage one construction contract, let to builders Watts & Hughes Construction, is worth $45 million. Stage two was worth $35 million, Mr Minty said.
"We've been a blot on the landscape. So everyone will be glad to see the old city markets come down. They are probably one of the ugliest buildings left in the area," he said.
The buildings were used as a food court, for parking and for shops during the America's Cup last year.
Included in the centre of the new development is an oval park of 85m by 60m, which will be protected from the weather by the apartment blocks, said landscape architect Deborah Upton.
The site is bounded by Customs St West, Pakenham St and Market Place.
Mr Minty said the new project was similar to Domain Terraces, a 36-unit Newmarket apartment development.
Symphony plans to finish the first stage of The Parc towards the end of next year. Marketing begins this weekend.
Stage one consists of the blocks opposite The Point apartments on Customs St West and most of the blocks on Market Place.
Symphony also owns the building occupied by AGC on Market Place.
Three-quarters of the ground floor of this large building is about to become The Cuisine Markets, selling fresh and processed foods.
New landmark for Viaduct
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