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The future of a golden mile of inner-city real estate is in limbo three years after the state government controversially introduced ''interim'' maximum height controls to protect vistas of the Shrine.

The sliver of land along St Kilda Road stretching from Dorcas Street in South Melbourne to Punt Road has become a hotly contested patch following the 2011 intervention by Planning Minister Matthew Guy.

Landowners and Port Phillip Council are waiting on Mr Guy to release long-term plans for the area after the council sent Mr Guy its proposal in August.

Mr Guy last week again extended interim height controls for the area that the council requested remain in place until permanent controls were introduced.

Mr Guy's 2011 intervention, one of his first as Planning Minister, stopped a proposed 88-metre tower at 35 Albert Road that would have blocked views to the bay from the nearby 81-metre Domain apartment tower.

The Domain is known as the ''tower of power'' because of its high-profile residents. Objectors to the proposed tower included Lindsay Fox, Ron Walker, and Lloyd Williams - either individually or through a mutual body corporate.

The household of Liberal Party MP Andrea Coote and husband Alan Naylor was another objector to the proposed tower, though Mr Guy has said he has never been lobbied by Ms Coote on the issue.

Mr Guy declined to answer questions for this story and Ms Coote did not return calls.

Port Phillip mayor Amanda Stevens said the council's draft strategy before the minister ''provides a cohesive urban design vision for the precinct, highlighting the key elements to be protected and enhanced as new development occurs''.

The council's plans would allow some former discretionary heights for the area to be increased and capped as maximum heights.

The proposed height at 35 Albert Road would be 75 metres - up from the current maximum height of 60 metres under Mr Guy's interim controls.

Domain body corporate member Ken Roche said residents were concerned the area could be over developed. ''It is overcrowding the whole area,'' he said. ''If you put in three times as many apartments in there you are just going to kill it.''

He predicted roads in the area would be swamped. ''Even the tramways are concerned about the number of extra people,'' he said.

''St Kilda Road is one of the iconic boulevards, certainly in Australia. It is a beautiful part of Melbourne and if they overcrowd it you are just going to take away that beauty and it is going to become a ghetto of apartments,'' he said.

One landowner at the South Melbourne end of the precinct who did not wish to be identified expressed frustration at the lack of planning certainty. ''The delays have resulted in a policy vacuum,'' the landowner said. ''The uncertainty caused by the delays has left owners in the dark.''

Shrine of Remembrance trustee and lord mayor Robert Doyle said the views to the Shrine had to be protected. ''The height restrictions around it are to protect that vista,'' he said.