A joint venture involving Finbar Group has won approval for the $70 million first stage of a Rivervale apartment complex.
The Arbor North project comprises 154 flats in the Springs redevelopment zone. Construction is set to begin mid-2014 and be completed during the 2015-16 financial year.
The joint venture will apply shortly for approval of the second stage Arbor South development, which would bring the apartments total for the project to about 270.
Finbar said it had completed a sales campaign for its nearby Spring View Towers project, with 88 per cent of the 188 units sold.The developer's shares were down 2 cents, or 1.3 per cent, to $1.56 at 10.25am