look at this ...public housing for the poor, units to cost...

look at this ...public housing for the poor, units to cost 330,000 each, take 7 years to complete....
but it is in the inner city.....

DEVELOPER Australand and Citta Property Group believe they will secure bank financing for Victoria's largest public-private housing project, worth $300 million.

"Discussions with the banks are well advanced, with indicators there will be enough pre-sales for a construction start in November," Australand general manager of residential development Rob Pardolin said yesterday.

The joint venture between former Commonwealth Games partners Australand and Citta involves a remodelled public housing estate in the Melbourne suburb of Carlton with 500 private and 240 public apartments. It has been touted by the Brumby government as the largest and most environmentally sustainable in Victoria's history.

While the state government has committed $80m for public apartments at more than $330,000 each, the development consortium, which includes St Hilliers as builder, will contribute about $200m to the project, expected to take about seven years to complete.

The new public apartments will replace 192 outdated walk-up flats that are spread across three sites totalling 7.5ha.

Building private apartments alongside public housing is at the centre of Victorian government plans to retain diversity in inner Melbourne, where rising property prices have forced low-income earners and pensioners out of the private housing market. The government already has a similar housing venture with Becton at Kensington.

For Australand and Stephen McMillan's Citta Group, the Carlton project is their first joint venture since they built the athletes village for the 2006 Commonwealth Games at nearby Parkville
http://www.theaustralian.news.com.au/business/story/0,28124,26210878-25658,00.html