Bundoora's northern star

The developer, Deal Corporation, has launched stage one of the project, Polaris 3083, on Plenty Road next to La Trobe University.

The first stage consists of a village of 64 one, two and three-bedroom apartments, and a shopping centre with anchor tenants including a Woolworths supermarket and Dan Murphy's Liquor Store. Apartment sales have begun on site.

Construction of the first stage has begun and will be completed in October 2012.

The apartments dubbed Pegasus, Orion, Phoenix and Aries will be housed in four separate buildings over two levels, with shops below. The apartments range in size from 40 to 80 square metres and prices begin at $300,000. Architect is ClarkeHopkinsClarke.

Deal Corporation managing director David Kobritz said Polaris was at the northern gateway to one of Melbourne's designated growth areas, whose population is forecast to grow by up to 65,000 people in the next decade.

"The population growth has already been driven by nearby Lancaster Gate and the award-winning Springthorpe residential communities," he said.

Polaris 3083 will include the retail town centre, apartments, townhouses, offices, retirement living and the adjoining community centre being built by the City of Darebin. It is a low-rise development of three levels.

The community centre will include council health and social services, and meeting and office spaces for local organisations that will tap into the area's increased population.

The town centre aims to serve the 25,000 students and staff of the nearby universities, as well as customers from the adjoining residential estates and daily traffic along Plenty Road. Each of the apartments will have shops, cafes, restaurants and specialty shop services at their doorstep.

Deal Corporation bought the site from VicUrban subject to rezoning and master-plan approval. After an extensive design and negotiating process with VicUrban and the City of Darebin, the master plan for Polaris was approved last December.

Polaris will ultimately include the shopping centre, more than 500 apartments and townhouses, and commercial buildings on the Plenty Road frontage.

Deal Corporation, founded in Melbourne 20 years ago, has created more than 50 commercial, residential, retail and hotel projects in Victoria, Queensland and Tasmania. Its Melbourne buildings include Arkana in Dandenong Era, Richmond 200rak Road, South Yarra Fabrik, Brunswick and the Diamond Creek shopping centre.