A former Macquarie bank executive is leading a consortium that is in the final stages of purchasing the former Amcor paper factory site in Alphington.
Property veteran Guy Nelson's Alpha Partners is believed to be the so-called "mystery buyer" behind a $130 million offer for the prime inner-city development site.
Neither Mr Nelson or Amcor's agent, Colliers International, which is marketing the 16.5 hectare riverside property, would comment on the deal.
Alpha Partners' offer will become unconditional sometime this month.
Demolition of the factory buildings and clean-up of waste on the site will make way for a 3000-strong neighbourhood.
Residents in the area are seeking to enforce height controls and get a school, community centre, sustainable development and protection of the riverfront included in planning considerations for the site.
Amcor's sale looked set to stumble on a final hurdle that required a change in planning controls for the area by the City of Yarra.
But the council voted two weeks ago to support a more flexible development overlay that included draft height requirements up to 12 storeys and a process for the site's developer to seek community engagement.