Green Spine Comes to the Rescue for Australia’s Building Economy

The State Labor Government has approved Beulah’s Green Spine, set to be Australia’s next tallest building, situated in Melbourne’s Southbank. The tower wills span 360 metres high and include a unique twisting exterior. 

The Green Spine will be located on City Road, on the BMW site where three other major developments have also been approved and promise to provide $1.5 billion in building costs into the Victorian economy.

The 360-metre tower will need approval from the Civil Aviation Safety Authority to ensure its height is safe. 

Beulah’s iconic development will have 270,000sqm of floor space, with 13,500sqm space for arts and cultural programs, and is estimated to take seven years to build, providing up to 4,700 construction jobs. 

This news comes at the perfect time for building and development employees, promising the potential for new work in the current climate of reduced employment opportunities amongst the sector. 

Richard Wynne, Planning Minister for Victoria, says this project’s newly formed task force will bring the state government and the building industry back together in an effort to seek out new building projects, fast-track action on new projects, and keep the sector healthy during a potential recession.

Related news: City Council Backs $1bn Cbus Tower

“This taskforce will help ensure the building and development industry is a driving force for Victoria’s economy through this pandemic and beyond,” Says Mr Wynne. 

Other projects approved in Melbourne’s CBD and inner city include a 26-story office building at 52-60 Collins Street and a second 35-floor office tower at 555 Collins Street as well as a 300-unit apartment building on Epsom Road in Flemington. 

Mr Wynne Says that these buildings will be essential to assist Victoria amidst the deep economic slump caused by COVID-19. 

According to The Age, the building sector is responsible for over eight percent of the Victorian economy and almost 320,000 jobs. 

Treasurer Tim Pallas will oversee Building Victoria’s Recovery Taskforce, looking into projects aimed to “boost Victoria’s building and development industry over the short, medium and long term”.  

Mr Wynne said there will be an investigation into how barriers caused by COVID-19 can be removed to ensure fast approval and commencement of ongoing building projects. 

“It will help deliver existing projects more efficiently and assist new projects to get off the ground faster,” said Wynne. 

The Age says that there are financial sweeteners that will keep the building sector moving with land tax, building contributions and rates concessions potentially on the table, subject to the advice of the taskforce. 

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