Developer Roberto Badalotti has almost halved the height of a mixed-use tower he is planning in Gold Coast from 40 storeys to 21, to cut construction time and reduce the risk of costs blowing out and destroying the profitability of the Monarch Place project.
Badalotti’s Azzura Investments has lodged an application with Gold Coast City Council to downsize the tower – the second of four planned for its Imperial Square precinct in Southport – from 323 apartments to 209, reducing its end value from $650 million to $360 million.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
