Beloved Melbourne market to have 900 apartments under redevelopment plan

In short:

A master plan for the redevelopment of Preston Market would preserve 81 per cent of the market's footprint and entail the construction of about 900 apartments.

Eight residential towers would surround the market and an additional 14,000 square metres of "specialty retail" and commercial floor space would be added.

What's next?

Community members can provide feedback on the plans to the Victorian government until October 14.

Hundreds of apartments and additional commercial space would be built under new redevelopment plans for Preston Market in Melbourne's northern suburbs, while retaining most of the original market's footprint.

The master plan submitted to Planning Minister Sonya Kilkenny proposes the construction of about 900 apartments in eight towers around the market, ranging from eight to 16 storeys.

Affordable housing will make up some 10 per cent of the dwellings and the developers propose building a new 2,700-square-metre park.

The plan entails the retention of 81 per cent of the existing market footprint and the addition of 14,000 square metres of additional "specialty retail" and commercial floor space in addition to the market.

The Darebin City Council said it would prepare a submission to the minister and encouraged local residents to do the same.

Darebin Mayor Emily Dimitriadis said the council was focused on providing space and accommodation for the growing community while "protecting the market's unique character".

"The future of Preston Market precinct should be shaped by the people who know it, love it and rely on it every day," she said.

Preston Market's redevelopment has been the subject of controversy for several years, with the Darebin council fighting previous redevelopment proposals that would have seen much of the old market demolished.

In response to the new redevelopment plan, the Victorian Greens called on the state and federal governments to acquire Preston Market, and criticised what they said was "woefully inadequate" community consultation.

Preston Market is privately owned by Medich Corporation, a Sydney-based property investment firm, while Queen Victoria Market and South Melbourne Market are owned and operated by their respective local councils.

"Preston Market is one of the most important multicultural community spaces in Melbourne's north," Greens MP Anasina Gray-Barberio said.

"We need to make sure that any plans are putting the community and traders first, and that we're protecting what makes Preston market the special place that it is."

Community members can provide feedback on the plans until October 14.

Medich Corporation and the Victorian government were contacted for comment.