Architect Nonda Katsalidis and a number of other investors have reportedly sold their stake in Melbourne’s proposed Australia 108 mixed-use mega-tower.

The Victorian Government approved the 108-storey tower back in March 2013. When originally announced, the tower was expected to stand at 388m tall and would be the world’s 19th tallest building upon completion.

Australia 108 is expected to use the prefabrication technology created by Katsalidis and Elenberg Fraser with building company UB Australia. It is touted to be built faster than any similar building has been built in Australia before.

In July, the Property Observer reported Katsalidis would be redesigning the plans for the Southbank Boulevard site due to a “hybrid of requirements” that had made the original plans “impossible".

The height of the building needed to be reduced to just 312m, allegedly because the original height of the tower violated federal air safety regulations for Essendon airport. Apparently neither the architects nor Planning Minister Matthew Guy were aware of the flight path restrictions when the tower was designed and approved.

And now Fairfax Media reports the sale of Katsalidis’ stake in the troubled building after quietly being put up for sale following the planning issues.

Although Katsalidis commented to Fairfax saying, “As far as I’m concerned the project is going ahead and we’re still the architects.”

Only time will tell – new plans for the Australia 108 building are expected to be revealed early this year.