Lush landscaped gardens form a central pedestrian spine through the new St Kilda East apartment development at 97 Alma Rd, opposite Alma Park.
Melbourne billionaire Daniel Besen has helped kickstart one of the inner south’s few apartment projects to break ground, backing a St Kilda East development opposite Alma Park as construction stalls across the city.
Besen is supporting the 61-home development at 97 Alma Rd, delivered in partnership with long-running Melbourne developer Neometro, as escalating construction costs and weak feasibility force thousands of approved apartments to be deferred or abandoned.
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The project, directly opposite Alma Park, will comprise 41 apartments and 20 townhouses, with apartments priced from $649,000 and townhouses from $1.79m. Completion is targeted for 2027.
Neometro director Lochlan Sinclair said the development reflected both confidence in the location and the suburb’s longstanding appeal.
“St Kilda has a rich and vibrant history,” Mr Sinclair said.
“The suburb has also played a key role in Neometro’s early years and with 97 Alma Rd, we’re honouring that legacy while exploring what the future of higher-density living looks like.”
Neometro has a long-standing connection to St Kilda East, having delivered some of its earliest apartment projects in the suburb more than two decades ago.
A light-filled living space inside one of the new apartments at the St Kilda East project, featuring natural materials and a skylight above the main living zone.
The 3410sq m site was purchased by Neometro in 2021 for $21.8m, with planning approval granted late last year.
The project has been designed by Kerstin Thompson Architects, drawing on St Kilda’s mansion-block heritage and cosmopolitan past.
KTA founder Kerstin Thompson said the design was grounded in local history and community.
“The design tells you something about the St Kilda locale and its community,” Ms Thompson said.
“We looked at the history of St Kilda, which was renowned as a cosmopolitan place, and the apartment blocks in the area.”
Lush landscaped gardens form a central pedestrian spine through the new St Kilda East apartment development at 97 Alma Rd, opposite Alma Park.
“We also looked to the community that knows St Kilda well to create a sense of connection to people’s histories and where they may have spent time in their youth.
“These elements have all been referenced and embedded into the design.”
A key drawcard is the project’s position opposite Alma Park, increasingly prized by buyers trading traditional backyards for access to established green space.
Landscaping forms a key part of the design at the St Kilda East development, with planted walkways and garden outlooks throughout the site.
Timber finishes and neutral tones are a feature of the interiors at the new St Kilda East apartment development.
Mr Sinclair described the park as an extension of residents’ living areas.
“It’s a rare opportunity to live so closely connected to nature, while still being in the heart of St Kilda’s vibrant urban fabric,” he said.
The mix of apartments and townhouses has been structured to appeal to owner-occupiers and downsizers, rather than short-term investor demand.
A park-facing view of the new apartment development at 97 Alma Rd, St Kilda East, directly opposite Alma Park.
Alma Park sits directly opposite the new apartment development at 97 Alma Rd, St Kilda East.
Ms Thompson said diversity in housing types was central to the scheme.
“A sign of any healthy multi-residential community is variety, and this project is no different,” she said.
“It reflects life in our cities. The different housing types, whether the townhouses, smaller apartments or large apartments, can meet the needs of a diverse community.”
With work now underway, the Alma Rd project is among the few inner-south apartment developments to move from approval to reality, signalling where confidence and capital remain in Melbourne’s tightening housing market.
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