A handy pic from the Metro Tunnel project's
facebook page.
The site of the new North Melbourne (used to be referred to as Arden) station. (North Melbourne already exists on the rail map, and you can see it on the far right of the image - that station will be renamed to West Melbourne).
The entire site is owned by the Victorian Government and they're going to be redeveloping the whole lot with 10% affordable/social housing among the key features once the rail tunnel work is done.