With the approval, the site was rezoned to allow for a mix of uses, including retail, entertainment, commercial and residential. Reading anticipates that the project will be constructed in multiple phases to commence late this year and take nine years to complete. The company speculates that the property could be worth $250 million more than it cost to develop by the time it is completed.

While the overall issues pertaining to the site have been resolved, each individual phase will still require the approval of specific development plans. The remaining issues relate principally to project and building design as opposed to land use issues, according to Reading officials.

Reading owns and operates movie theaters primarily, but also develops and owns other retail and commercial real estate. It acquired the Burwood site in 1995 for $9 million and has been attempting to receive the necessary approvals since that time.

The company initially planned to turn it into a 25-screen multiplex cinema. According to published reports out of Australia, those plans were killed after objections from local residents and cinema operators.

Reading reportedly came up with a new development plan in September 2003 for a 1,000-unit residential development with office, retail and recreational components, then spent another three years waiting for the government to re-zone the area as part of Melbourne 2030, its blueprint for metropolitan planning.