It looks as though Burbank's plans for high(er) rise apartments in Metro Village will be put to market very soon. Builders Home Plans is reporting that Burbank will build over 800 apartments in total at Metro Village, and will be releasing Stage 1 very shortly. Stage 1 will consist of 200 apartments, 450m2 of retail space and 300m2 of office space (occupied by Burbank itself). Pricing will start from $265,000 for one bedroom apartments, which certainly seems to be in the range of both affordable and realistic.
Check out the Builders Home Plans article for more info.
Update: The Australian property section has an article on this as well, with a fraction more detail.