PDG set to transform former Ivanhoe Water Tank Site into 287 apartments

Melbourne developer PDG has unveiled plans to transform the former Water Tank Site in Ivanhoe into a 287-apartment residential neighbourhood. 

Set to deliver 2,000 square metre public park, a minimum 10% affordable housing allocation, and two residential buildings ranging from three to 12 storeys.

Delivered in partnership with Development Victoria, the proposal would transform the prominent corner of Bell Street and Upper Heidelberg Road into a connected community with generous public open space, and shared amenities.

The vision includes one, two and three-bedroom apartments, alongside publicly accessible park featuring a children's playground, activity lawn, indigenous planting, timber climbing logs, seating areas and a rock gathering circle.

Designed by DKO Architecture, the proposal draws on the site's industrial heritage, using a robust architectural language that references the former water tank through expressive structural elements and durable, self-finished materials.

Extensive landscaping has been woven throughout the development, creating a living landscape that strengthens connections to nature while responding sensitively to the surrounding neighbourhood. 

PDG founder and managing director Vince Giuliano said the vision reflected an opportunity to transform one of Ivanhoe's most recognisable sites into a place that balanced housing, community and landscape.

"This is an opportunity to reimagine an important site and create a neighbourhood that delivers lasting benefits for Ivanhoe," said Vince.

"We're creating much more than new homes. 

"The vision brings together affordable housing, quality architecture, meaningful public open space and shared places that encourage people to connect, while respecting the site's history and its place within the local community.

"Two residential buildings ranging from three to 12 storeys are linked by a landscaped forecourt, creating a welcoming arrival experience and improving pedestrian connections through the site."

Residents would also enjoy more than 1,000 square metres of communal open space, including barbecue and dining facilities, vegetable gardens, landscaped seating pavilions and a dedicated co-working space.

Development Victoria’s executive general manager of precincts, Niall Cunningham, said the application is an important step for the government-owned site.

“This is about delivering more homes in a well-connected location, along with public open space that the Ivanhoe community will benefit from for years to come,” Niall said.

PDG was selected as development partner in late 2025 following a competitive tender process.

A planning submission for the project is currently being progressed through the Victorian Government's Development Facilitation
Program, with positive early engagement from both Banyule Council and the Department of Transport and Planning.

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