This might be the first time you’ve heard us say this but at our new mixed-use project at 134
Spencer Street there’s actually less than meets the eye. Well, kind of. It’s true that the responsive approach to precinct regeneration sets a new bar for mixed-use developments. We could even say that this building, which sits directly in front of Southern Cross station – the first thing people see when arriving – will anchor the increased westerly shift of the CBD, heralded by the regeneration of Docklands, Fishermen’s Bend and Southbank.

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What does this writing mean?
And is it right that "less than meets the eye" conveys a negative meaning to this?

** “Mixed-use project” à Mixed use development à literally, buildings or a building which incorporates residential (living areas), commercial (shops) and culture (art, history etc.).

It’s true that the responsive approach to precinct regeneration sets a new bar for mixed-use developments. à this sentence means, the government (or however is in charge) has responded to upgrading the precinct (basically, make the area more modern).

Regeneration à make something better/ good again.

The writing looks like its out of a newsletter or council leaflet. It’s just talking about how they have created a new modern area, where culture, shopping and residential comes together in Spencer Street. And that what they have done, sets a new standard, for others to follow.

“less than meets the eye” is a play on words, usually the phrase is “more than meets the eye” à commonly used in the “transformers” movies. More than meets the eye à someone/ something is hiding something or what you see is not what you get. For instance, I see an attractive girl at a club, you could say “I reckon, there’s more to that girl than meets the eye” à literally = She’s pretty, but she may be kind, sporty, likes cats…no one knows. She is a mystery.

Less than meet the eye à in this context, the government has made the area ‘simple’ and ‘less cluttered’. So there is ‘less’ than before, or ‘less’ things to see, even though they have upgraded the area.

Sorry, I hope this is not confusing. It’s funny, as a native speaker I never understood what “more than meets the eye” meant, until I tried to define it. Any questions, feel free to ask :)

http://www.bing.com/images/search?q=mixed-use+project&FORM=HDRSC2 this is what a mixed-use site may look like.