Queens Place, which has won state government approval, will be among the city’s tallest structures.
Rising to 268 metres, its towers will be higher than the Rialto Towers in Collins St.
This mix-use development boasts over 1600 units, 8000sq m of office and retail space, a supermarket, a gym, and a childcare centre.
And it promises to deliver an estimated 7200 construction jobs and 760 jobs that will continue after completion.
The development is not directly affected by interim height controls in the CBD.
Those controls, which were introduced last year, took effect after 3L Alliance lodged its application for a permit.
However, the developer has co-operated with the state and local governments on aspects of the design, including by setting the buildings at least 4.5m back from the street.
3L Alliance, which is controlled by Chinese nationals Baoyu Li and Lin Xiong, reportedly paid $135 million for the development site, on the corner of La Trobe St.
The design, by Cox Architecture and Fender Katsalidis, features a five-level podium topped by the dual towers. The towers will dwarf the nearby Welsh Church in La Trobe St. But a new laneway will link Queen, La Trobe and A’Beckett streets.
Planning minister Richard Wynne said the development would provide much-needed housing for the inner city.
“Good design that responds to the streetscape and provides for good amenity is critical and I’m pleased to clear the way for this project,” he said.
3L Alliance general manager Gavin Boyd said: “We’ve deliberately set out to be an exemplar project in design and community outcome ... to deliver two beautifully designed towers that will make city living available to families.”
The development will include a mix of one-, two-, three- and four-bedroom units and 554 car and 603 bike spots, with a large list of amenities including a sauna, a home theatre, a yoga studio, and a karaoke area.
The project will be delivered in two stages to reduce the impact of construction on nearby streets and footpaths.