Salta Properties Greenlit for $257m Docklands BtR Tower

Salta Properties has secured approval for its long-awaited Docklands stadium precinct tower. 

The developer has been awarded a ministerial permit for the 554-apartment development by the Department of Transport and Planning.

Salta’s project, one of the first highrise build-to-rent proposals in Australia, secured approvals in 2019 for a 16-storey building on the site, but its permit was allowed to expire. 

The Tarascio family, which owns Salta Properties, reportedly wanted to wait until the development cycle was “more favourable”. 

After taking a second shot at the project, Salta Properties will now be able to develop the 38-storey building at 695-699 La Trobe Street. 

The FK Architects-designed project, which has a development value of $257 million, is on a prime site overlooking the Marvel Stadium on the corner of La Trobe Street and Harbour Esplanade. 

Of the units, 138 will be studio apartments, with 231 one-bedroom, 169 two-bedroom and 16 three-bedroom apartments. 

Also planned is 1248sq m of external communal areas on levels 7 and 37, as well as 2197sq m of internal spaces. 

This included level 1 coworking space, kids areas and cinemas at level 7 as well as a pool, spa, sauna and lounge. 

▲ A rendering of previous plans for the Docklands site, approved in 2019.

On level 37, there will be additional coworking spaces, a lounge and private dining room, as well as a pet owners area. 

With a total gross floor area of 53,628sq m, the development will also have frontage to Harbour Esplanance, and 96 car parking spaces and 435 bike spaces, as developments move away from basement car parking provision.

The proposal incorporates a voluntary 10 per cent affordable housing contribution for the component of the development above 75 metres in height, equating to around 26 homes.

The Melbourne City Council resolved to support the application at its Future Melbourne Committee meeting in October 2025. The proposal received just one objection. 

The assessment report said that the proposed development would complement established functions of the precinct and the broader Docklands area, delivering a high yield of homes which ensure a well-located urban site does not remain underutilised. 

The department conditionally granted Salta’s permit for the site, which. brings Salta’s total portfolio of apartments up to 1100.

▲ Salta completed its first build-to-rent project, Fitzroy & Co on Queens Parade in Fitzroy North, in October 2024.

Salta completed its maiden project, Fitzroy & Co. in late 2024, with 25 River Boulevard in Richmond under construction and set to be completed by the end of 2027.

Salta’s director of residential development and build-to-rent operations, Edward McAuliffe said that the Docklands project demonstrates how well-located sites can support professionally managed rental communities

“Melbourne is one of the most compelling build-to-rent markets globally, supported by strong population growth, diverse renter demographics and a strong interest from institutional capital seeking long-term residential investment opportunities,” McAuliffe said.

Salta chief operating officer, Emma Woodhouse, says the project will further strengthen the identity of its Est brand.

“Importantly, the project has also been designed to contribute positively to the surrounding precinct through an activated ground plane and a building form that responds carefully to its prominent waterfront location,” Woodhouse said.

While Sydney is nipping at its heels, Melbourne remains at the top of the podium for build-to-rent developer Major projects in the works include the $600-million District Living Docklands project by AsheMorgan which began construction this year.