After years of relative stagnation, Subiaco will be transformed by a wave of new developments that will bring more than 3000 residents into its centre.
Finbar Group has announced its biggest individual project, in size and cost, will be built at the heart of the Subi Centro precinct on Hood and Roydhouse streets.
The $170 million, seven-storey development will feature 245 apartments and 19 ground-floor commercial lots as well as a gym, sauna, theatre and pool.
The project, dubbed Subi Strand, was given the green light by the Metropolitan Redevelopment Authority on Wednesday and is due for completion in 2016.
MRA chief executive Kieran Kinsella said this latest project was but one of many developments set to revitalise Subiaco.
"Subi Centro has transformed more than 80 hectares of largely derelict industrial land into a vibrant, sustainable extension to the existing community of Subiaco and is set to attract a total of $1 billion in private investment," he said.
Subi Centro includes Finbar's Subi Strand development as well as the Australian Fine China site and Centro North precinct being developed by QUBE Property and Pindan. Subi Centro will deliver 2000 new homes for 3600 residents and more than 280,000sqm of commercial and retail space.
Finbar managing director Darren Pateman said sales for Subi Strand would start this month, with a view to begin construction by the middle of next year.
"We are well aware of the various developments proposed in Subiaco but competition is good," he said.
"It takes more than one cafe to make a cafe strip - we're excited about the future and hope to inject a new vibrancy into the area."
Subiaco Business Association president Geoff Parnell said plans for the Pavilion market site and the ACE Cinema development would also give Subiaco a much-needed boost. D2 Property wants to build a 16-storey tower at the market site on Rokeby Road, with 232 apartments, 94 short-stay units and shops.