Marvel Stadium Precinct Set for $3 Billion Upgrade Transforming the Area
Marvel Stadium in Docklands is poised for a significant upgrade, with plans for a comprehensive $3 billion redevelopment of the surrounding area. The Victorian government, in collaboration with the AFL, has issued a call for developers to express interest in partnering for this project.
Details of the Redevelopment Plan
The initiative was first announced in January, focusing on the waterfront precinct adjacent to AFL House and the stadium’s western end. The government has now launched an expressions of interest (EOI) campaign, which will conclude on December 5, targeting the sites at 140 and 160 Harbour Esplanade.
- Total Estimated Value: $2.5 billion to $3 billion
- Previous Development Cost: $225 million for Marvel Stadium’s last redevelopment
This redevelopment aims to introduce more housing options, commercial spaces, and entertainment facilities to enhance the Docklands waterfront’s appeal.
Strategic Vision for Melbourne’s Growth
Development Victoria and Precincts Minister Harriet Shing described the project as a vital step toward revitalizing the Docklands area. She emphasized the importance of this development in supporting Melbourne’s growth, particularly in providing thousands of new homes.
AFL Executive General Manager Matthew Chun expressed anticipation regarding the revitalization around Marvel Stadium, highlighting its potential to become a premier sports and entertainment destination in Melbourne.
Emphasis on Private Investment
Mark Wizel, managing director of Wizel Property Group, noted that pursuing a joint venture rather than a straight sale could expedite the project. He believes this approach may enable construction to begin within a year instead of facing potential delays.
Industry analysts estimate that the land value of the project could range from $350 million to $500 million, attracting interest from both local and international developers. The collaboration reflects confidence in Melbourne’s future growth and the interplay between sports, culture, and real estate.
Next Steps in the Redevelopment Process
Cushman & Wakefield is overseeing the EOI campaign, with Ross Hamilton indicating that the Docklands precinct has already garnered $15 billion in private investments, supporting nearly 75,000 jobs.
Development Victoria’s CEO Anne Jolic affirmed that one of the primary objectives is to revitalize the waterfront and enhance public spaces. The first stage of the EOI process is intended to unveil proposals that not only focus on commercial advantages but also benefit the community.
Following the December 5 deadline, shortlisted developers are expected to be engaged quickly, potentially leading to a selection announcement before Christmas. This initiative aims to reshape Melbourne’s urban landscape, signaling a promising future for the Docklands region.
