One of the biggest mysteries surrounding the beloved (if perennially daggy) Northcote Plaza Shopping Centre is that there are two Coles supermarkets – under one roof.

But, as part of a proposed $500-million redevelopment, the smaller of the two stores could close.

The Kmart-adjacent store is widely considered the “shit Coles” on the plaza’s Facebook appreciation page, where Melburnians share memes and theories about the centre and its surrounds – including the bizarre, months-old “gold head” saga, which Broadsheet reported on in June.

As well as scrapping the Coles locals love to hate, the proposal – called Northcote Green – includes other upgrades to the existing 18,000-square-metre centre, and a very sizeable extension.

The number of food and drink operators will double, with more laneways, and indoor and outdoor shopfronts. Outdoors, there are plans for an extra 6500 metres of green space, new bike paths and an amphitheatre. Plus, three new green corridors that will link the plaza to the nearby All Nations Park.

An apartment building – with a residents’ cinema, gym and recreation centre, and office spaces – is also on the cards, though developer LAS Group says it won’t get in the way of the park’s city view (or sunlight).

The centre's Kmart store will close in November, whether the proposal goes ahead or not, after the retail giant chose not to renew its lease.