According to a news report on Channel 7 this evening the redevelopment of the Queen Victoria Market is still alive. Looks like they're going to extend Franklin Street through to connect with Dudley Street, then sell off the land on the other side and develop 2x50 storey towers which will be used to fund the redevelopment of the market. The car park is set to go with a park to replace it. Can't find anymore information at the moment..
Although applications for substantially tall apartment towers have eased over recent times within City of Stonnington, two current development applications across Prahran and South Yarra represent the next sling of smaller sized towers for the municipality. A 14 storey apartment building at 10-16 Cecil Place is being sought by Bensons Property Group.