Frankston City Council has approved a $91 million private development for the long-vacant site at 438–444 Nepean Highway, formerly home to Frankston Cinemas. The 14-storey mixed-use building, designed by award-winning Melbourne-based Pace Development Group, will feature 144 apartments, one retail shop, two hospitality venues, a wellness centre, a gym, and 202 basement car spaces.
Construction is scheduled to begin in early 2026 and finish in early 2030. The site has been vacant since the cinema’s closure in March 2014. Pace’s earlier proposal was rejected by both Council and the Victorian Civil and Administrative Tribunal, but amendments were made after the Victorian Planning Minister incorporated Council’s Frankston Metropolitan Activity Centre (FMAC) Structure Plan into the planning scheme in April 2025.
Frankston Mayor Kris Bolam JP said the approved project demonstrates renewed investor confidence:
“The final successful application from Pace is an impressive reflection of our community’s expectations and a great alignment with our Structure Plan. This is yet another development that will help guide Frankston City’s ongoing transformation.”
Pace Managing Director Shane Wilkinson called the permit approval “incredibly exciting,” saying the project will deliver “new homes, jobs and retail opportunities for the Frankston community.”
The development joins a wave of high-value projects in Frankston’s city centre, including Urban DC’s Harbour Frankston and Horizon Frankston, OYOB Property Group’s The Nepean Frankston, and others. In total, seven approved private sector mixed-use developments will deliver 770 apartments worth $506 million in investment.
Council is also encouraging further development with measures such as a differential rate three times higher on vacant and land-banked sites along the Nepean Highway, and a plan to streamline assessment for major developments while maintaining robust standards.
Mayor Bolam said these initiatives will help transform Frankston’s reputation:
“Every visitor will have a changed perception of our city… Frankston City is experiencing the most exciting trajectory in decades.”
For more information about the project, visit pacedg.com.au.
