Stage one of the development commenced construction in November 2017, and was completed in May 2021.

The complex will be built in five stages, with a permit requiring completion by 2031.

Proposed in June 2015 by the Malaysian property developer, OSK Property, designed by the Australian Cox Architects, with interiors by Carr Design Group, Melbourne Square received planning approval by Planning Minister Richard Wynne on 24 December 2015.

[5][6][7] The A$2.8 billion complex is expected to become one of the largest development proposals in Victoria's history, encompassing a total 364,140 square metres (3,919,600 square feet) of floor space.

[2] In October 2017, Multiplex had been appointed to construct the first stage of the development, which will include the park, as well as two residential towers, and the new retail precinct; construction commenced in November that year, it was completed in May 2021.