A site part-occupied by the producers of popular TV shows Dancing with the Stars and Deal or No Deal will be transformed into 492 apartments in two 24-storey towers if it gains planning approval.
Property veterans Max Beck and Michael Buxton appear set to either redevelop a warehouse that once housed Channel 7 at 26-66 Dorcas Street or sell the project as a permitted site to another developer.
The site has been on the market since July with an asking price of more than $32 million.
Planning authorities have issued a notice of decision to approve the development which includes two large glazed residential towers designed by Hayball architects.
The twin towers are set back from Dorcas Street with a rooftop terrace each and joined at ground level by a podium with a common garden and 127 square metres of retail space.
The single-storey brick warehouse currently on the site is beside the home of Global Television which will remain "on location" at 49-61 Coventry Street next door to the new residential development.
Mr Buxton and Mr Beck, who both featured in this year's BRW 200 rich list, founded Becton Property Group in 1976 and grew it from a small construction business to a national diversified development group.
They left Becton in 1994 and 2007 respectively and went on to run separate ventures.
Mr Beck said the development, near Melbourne's arts precinct, included amenities such as a spa, sauna, gymnasium, cinema and outdoor north-facing terraces.
"A key feature of the internal designs are that all apartments have access to natural light and substantial natural airflow using louvred windows," he said.
Melbourne City Council opposed the project, which will house one or two-bedroom dwellings reaching up to 77 metres, on the grounds it was too high for the area.
Last week Reserve Bank officials expressed concern that construction of inner-city apartments in Melbourne were at particularly "high levels" and would "remain elevated" for the next few years.
