With a total project cost of $85 million, the multi-phase development will transform the existing site into a state-of-the-art aged care facility for Melbourne’s Jewish community.
The new nine-storey building will include 156 residential units, relevant health care and medical services, retail and commercial areas and basement car parking.
Watpac will commence on-site construction in the coming weeks.
In addition to the Jewish precinct, Watpac is delivering a number of aged living facilities including the new $64 million retirement community in South Melbourne for Australian Unity.
Nationally, the company is delivering major contracts such as Brisbane’s $325 million Herston Quarter Redevelopment and the $188 million Mary Lane project.
Watpac was also recently announced as managing contractor for the $250 million North Queensland Stadium in Townsville.
The company posted a $600,000 net profit for the first half of the 2017 financial year, up from a $25.3 million loss after tax in the previous corresponding period.
Watpac is in the process of shifting to cloud computing and adoption of drones and wearable devices on sites, as it looks to future-proof its operations.
The new arrangements are expected to help mitigate risks for the business and allow it to innovate more quickly.