Dubbed Cato Square, the parkland will occupy approximately 10,000 square metres and provide 500 underground car parking spaces.
“Our vision is for this site to be recognised as a world-class public space that can be enjoyed by everyone,” City of Stonnington Mayor Steve Stefanopoulos said.
“We will achieve this by transforming the existing car park into an active, vibrant, safe and exciting public open space.”
Cato Square will be made up of nine separate spaces, so while it can still function as a single community park space, it can also be subdivided in order to cater for different needs from festivals, live performances and outdoor cinema, to simple family gatherings and relaxing afternoons.
The square will also feature integrated public art, two hospitality opportunity spaces and free public WiFi.
Of all the Victorian councils, Prahran currently ranks second last for the amount of public open space per capita, and with 30,000 residents predicted in Stonnington by 2036, local council is eager to see this project become a reality.
“Cato Square will create urgently needed open space for recreation, events, festivals and markets and a 20 percent increase on the current carpark for shoppers and retailers in the surrounding Chapel Street and Greville Street precincts.”
Works are expected to be completed in the second half of 2019, with the two levels of underground car parking expected to be open earlier, while work continues above ground.