The Jolimont Railway Yards, that occupied the southern edge of the Hoddle grid, were considered for redevelopment many times throughout the early to mid 20th century.

Leslie Perrot and Partners were chosen as project architects and the development was funded by Princes Gate Pty Ltd, jointly owned by Lend Lease and Oddenino's Property and Investment Co of London.

The lead architect on the project was David Simpson,[4] developing the complex design for a large three storey podium containing car parking, with retail spaces that faced onto Flinders Street, and a new access to the station platforms.

The development also featured a raised public plaza that occupied the important Flinders/Swanston intersection corner, designed to allow an open vista to St Paul's Cathedral and also function as a public square that was raised up from the noise and traffic of the streets below,[5] which Simpson later felt was not the most successful part of the design.

[6][7] An Australian Women's Weekly article from 1969 expresses the general public sentiment about the towers at the time: Following the privatisation of the Gas and Fuel Corporation in 1995, Victorian Premier Jeff Kennett announced in 1996 that the Princes Gate towers were to be demolished to make way for a new arts complex and civic hub.