Lieutenant-Governor Charles La Trobe favoured an Elizabeth Street crossing, but despite such official pressure the private company favoured the construction conditions at Swanston Street, which had become regarded as the growing town's main street.
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Princes Bridge was also the name of a railway station located on the northern side of the river, to the east of the bridge, on the current site of Federation Square.
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Because of its position, Princes Bridge is often a focal point for celebratory events in Melbourne such as the Moomba Festival, New Years Eve and many celebrations taking place on the Yarra River where it flows through the city.
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The bridge design bears a close resemblance to the earlier Blackfriars Bridge over the Thames River in London, which was completed in 1869.
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widening and improvement of the Yarra River upstream from Princes Bridge, Alexandra Avenue and the laying out and planting the Alexandra Gardens
The space enjoys immediate frontage to the busy Swanston Street as well as panoramic views encompassing both the Yarra River Princes Bridge and Flinders Street Station.