The City of Melville Local Development Assessment Panel has given its consent for the $80m Canning Bridge development in Perth, Australia.
The plan will lead to the construction of a 20-level twin tower apartment building, designs for which have been developed by McDonald Jones Architects.
The building will comprise 232 one to three-bedroom apartments, ranging from 51m² to 145m² and within the price range of $450,000 to $1.7m.
Planning for the luxury development is underway and is expected to be built in two phases.
Stirling Capital has formed a partnership with FORM to set up a $1.5m Public Art and Culture programme as part of the development.
The infrastructure investor also intends to seek community input on potential options for the ground floor tenancy, where space will be allocated for an art gallery, studio or other such community activities.
The building will feature a 3,000m² oasis comprising landscaped gardens, a gym, heated lap pool, steam and sauna rooms, private dining areas, theatre, library and small bar on the ground level.
Stirling Capital managing director Luke Reinecke said: "It is likely to be an iconic development and will bring vibrancy and activity to an area which is undergoing significant transformation."
"Involving the community at the outset means that spaces within the development can be tailored to meet their needs."
Located 10km to the south of the Perth Central Business District (CBD), the project will also allocate 283 car parking spaces for commercial, residential and public use, along with 145 bicycle parking spaces.
Luke Reinecke was quoted by The Australian as saying: "It is the first development approved in the precinct since the adoption of the Canning Bridge Structure Plan by Council and provides a benchmark for future development likely to progress in the area."
The developers expect to complete the first stage of the project's construction by 2018.