It was announced by the Premier and Planning Minister this morning that One Queensbridge Street, Southbank - previously known as Queensbridge Tower - has been approved.

A media release distributed this morning confirmed the project will maintain 388 hotel suites and 708 residential apartments across its 90 floors.

The Government has also taken steps to ensure Crown Melbourne and the Schiavello Group give back to the state, with a $100 million community benefits package, including: A $25 million upgrade to Queensbridge Square, including landscaping and two new cafes

A further $15 million for the Sandbridge Rail Bridge

Landscaping and public realm improvements on Southbank Boulevard, including a new bike strip

Street furniture and additional trees along Queensbridge Street, and better connectivity with Freshwater Place Victorian Government media release, 9/2/2017

3,000 direct and indirect jobs are anticipated during the construction phase and once complete a further 1,000 operational jobs are expected to be created.

The pecking order

We've come a long way since Rialto ruled over Melbourne's skyline.

* heights rounded to nearest metre.