Queen Victoria Market in Melbourne is set for a massive transformation with a $1.7 billion redevelopment plan. 

The City of Melbourne has unveiled its vision for the market, which includes three new buildings and the construction of hundreds of apartments. 

The centrepiece of the project will be Gurrowa Place, a 1.8-hectare “people's park” developed by multinational construction firm Lendlease. 

The City says this redevelopment could generate over $1 billion in economic activity and create more than 4,000 jobs.

The plans involve the construction of three towers offering stunning views of the market, Flagstaff Gardens, and the CBD. 

These towers will feature a 28-storey office and retail building, approximately 560 residential apartments (including 15 per cent allocated for affordable housing), and a 1,100-bed student accommodation tower. 

Additionally, an underground car park with up to 300 spaces will be built for market customers, and retail stores along Franklin Street will be restored.

Construction is scheduled to commence in 2024 and will be carried out in stages over the next five years. 

Lord Mayor Sally Capp assured the public that the development would not compromise the market's character, saying; “Everybody that loves the open-air heritage sheds, they are staying… that aspect of the market is absolutely protected and here to stay forever.”

However, community group Friends of the Queen Vic Market has expressed its discontent, claiming the historic site is being undermined and criticising the current council and state government for their involvement in rampant CBD redevelopment. 

They also claim that the development would negatively impact current market traders who have been instructed to vacate their premises on Franklin Street within six months, incurring significant costs for relocation.

The council has stated that community members will have the opportunity to provide input on the design and development of the space in the upcoming months.