Planning Minister Matthew Guy has approved a planning permit for two residential towers in Melbourne's CBD at 151-165 Franklin St.
The 29 storey (88 metre) and 45 storey (143 metre) buildings will house 810 residential apartments accommodating up to 1500 new city residents, as well as ground floor retail space and associated parking.
Mr Guy said that this area of the city was undergoing significant transformation with other recently completed residential developments nearby.
"Melbourne is a vibrant city and the development will further provide for inner city housing choice in an area well supported by transport routes and existing infrastructure," Mr Guy said.
"This development responds to the needs of the city community by providing for an architecturally designed development, with ground level laneway links and active street frontages.
"It is also close to excellent facilities such as the Queen Victoria Market and Melbourne Central shopping complex.
"The Victorian Coalition Government is also delivering on its commitment to release 50,000 residential land lots in outer urban areas this year, and has established a new dedicated Housing Affordability Unit to provide advice on policies and legislation to assist in making housing more accessible to more Victorians," Mr Guy said.
"The Coalition Government is committed to urban renewal and this site supports the liveability of the CBD with well-designed developments."