Developer Thirdi and funder Phoenix Property Partners have acquired two sites above Sydney Metro’s Crows Nest station on which they will develop up to 38,000 square metres in a project worth as much as $1 billion.

Privately owned Thirdi and Hong Kong-based Phoenix – in their fifth joint project – are planning a residential tower up to 17 storeys and a commercial tower with hotel of up to 200 rooms and between 15,000sq m and 25,000sq m of office space.