The new $300m, 67-storey building project planned for the old Stork Hotel site in Melbourne’s central business district (CBD) has received planning permission.

The old Stork Hotel will be demolished as part of the development plan.

The project has been designed by Peddle Throp Architects and will be developed by Brady Property Group, both based in Melbourne.

The slender building will house 471 apartments and have a slatted façade to create an optical illusion.

Construction is expected to begin by mid 2010.