The fate of 2 Carlton Street, which was first proposed for re-development in 2016, has been determined in a settlement agreement between the developer and the City, after the developer appealed to the Local Planning Appeal Tribunal.
The proposal calls for a tower with a maximum height of 251 metres (73 storeys), the same height the developer applied for. It will replace the heritage listed mid-century modern 18-storey office tower that currently stands there.
On January 4, 2021, the City received a settlement offer from the developer, which the City accepted on February 2. A decision issued by the LPAT on April 8, 2021 confirmed the details of the agreement.