The existing building is now being demolished in readiness for a new development. The owner has submitted a revised application (1220/2016) and this is being assessed by City of Port Phillip (CoPP) Planning Department. No details are publicly available.
The original application was refused by VCAT in 2016. While VCAT supported the type of development they found that the height would cause overshadowing of the foreshore, providing no net benefit to the community.