A $100 million plan to redevelop Rippleside’s Stella Maria mansion site into luxury waterfront apartments has been lodged with council. 

CostaFox Developments hopes to build 50 apartments and townhouses on the 12,742sq m site, while restoring and retaining the circa 1848 former convent building. 

The development group, led by Geelong property mogul Robert Costa, Michael Fox and Geno Hubay, bought the property from Catholic charity MacKillop Family Services in February for $11.3 million on extended terms.

CostaFox bought the old Stella Maris mansion at 39 Bay Street, Rippleside, in February. 

The National Trust-registered Italianate mansion, at 9 Helen St and 39 Bay St, overlooks St Helens Beach and boat ramp. 

Mr Fox said the prestigious waterfront site was the ideal location to showcase the company’s high-end residential offerings. 

Apartments up to 300sq m in size with three car spaces would be built on vacant land around the historic mansion under the Rippleside Gardens proposal. 

Mr Fox said a suite of prime waterfront apartments would be complemented by a mix of smaller apartments and townhouses across the site.

He landscaping was a key feature of the sympathetic redevelopment, with 6000sq m set aside for gardens. 

“The Stella Maris Mansion (circa 1848) will be retained, restored, renovated and extended sympathetically and will be a feature of the development with commanding views,” he said. 

“We have assembled an amazing team to bring this project to life and includes architecture by Rothelowman, landscape by Acre and town planning by Urbis.” 

He said the project would take inspiration from CostaFox’s recently completed Bower Manly apartment complex in Sydney. 

“The Rippleside development will give Geelong a truly luxurious project that Geelong has not seen before,” he said. 

The Sisters of Mercy acquired the mansion, formerly known as St Helens, in 1923. 

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