Tower above historic bank granted development approval

A proposal for a new $590 million mixed-use development rising from the former State Savings Bank of Victoria at 623 Collins Street in Melbourne's CBD, opposite Southern Cross Station, has been greenlit for development.

The 42-storey tower scheme has been designed by Plus Studio for developer Sterling Global, who purchased the 2,000-square-metre amalgamed site in 2023. It includes 320 residences, half of which are two-bedroom apartments, serviced by various amenities, including a pool, gym, yoga studio and bathhouse, outdoor terraces, private lounge, dining and bar spaces, and a library and games room.

According to a media release, the site's two heritage-listed buildings, the 1924 State Savings Bank of Victoria and the Batman's Hill Hotel, will be retained, restored and integrated into the development, with the original banking chamber refurbished to accommodate a future restaurant.

The proposal includes a total of 900 square metres of retail and hospitality fronting Collins and Spencer streets, as well as 2,700 square metres of office spaces across five levels.

Plus Studio director Ian Briggs said the vision for 623 Collins was to create architecture that serves both the site's rich history and Melbourne's future growth.

"Our design approach has been to connect the building closely with its context - a podium that contributes to the streetscape, planted terraces that articulate the transition between heritage and new, and a tower that takes its place on the skyline with clarity and restraint."

Interior design office Fiona Lynch has led the development of the interiors. According to the communique, "Her artful aesthetic shapes the project's material palette, establishing a refined design language that carries from arrival through to the residences above."

Plans for a $520 million, 42-storey hotel-and-apartment proposal on the same site, designed by architecture practice Carr, were approved for development in 2024.