Cairns CBD development: Gasparin offers to ‘pay interest’ on Rodeo Drive plan
A Cairns businessman has made a remarkable offer to try to push along a vision of transforming a CBD dead spot into something that rivals Rodeo Drive in Beverly Hills.
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A CAIRNS businessman has made an extraordinary offer to push along a vision of transforming a CBD dead spot into something that rivals Rodeo Drive in Beverly Hills.
Frank Gasparin is a property investor with resources to back up his imagination.
He is based in Adelaide but holds a significant portfolio in Cairns including the historic former post office building that is now home to T Galleria and all of its luxury brands.
Mr Gasparin has been trying to get a $2.5m plan to revitalise Abbott and Spence streets off the ground for more than a year – and now he is putting his money where his mouth is.
“If the council will put the money up, we will pay the interest for three years,” he said.
“I’m prepared to do that and determined to make it happen.
“The council needs to understand that Abbott and Spence streets are dead.
“How are we going to bring the people back?”
Mr Gasparin first raised the concept years ago but last year commissioned town planners and landscape architects to create a 3D model of his vision.
Anzac Park outside the Reef Hotel Casino was earmarked for overhaul, including a new water fountain and paved plaza, and median strips would be revamped with hanging baskets, ornate pots and colourful flowers.
A new “destination arbour” spanning the road would declare “Cairns, Abbott St” and the stretch would receive an overall spruce-up.
Mr Gasparin believed the $2.5m price tag was on the money despite Cairns Regional Council’s recent Esplanade dining precinct upgrades setting back ratepayers $28m.
“It’s only surface work. It’s all cosmetic,” he said.
“You compare $28m with $2.5m – can you see the value that will bring to Cairns?
“We’ve already done the plans, and I’m willing to pay the interest (on any loan the council takes) for three years.”
Council CEO Mica Martin did not rule the proposal out but said there were higher priorities on the hit list.
“While council welcomes new ideas on how to improve the city’s offerings, at this time council’s number one advocacy priority is the Cairns Water Security – Stage 1 project, which recognises the need to provide water security for a growing community and economy,” she said.
“There are a number of other key projects identified by council to support the city’s growth, such as investment in tertiary education including a new CQUniversity CBD campus, ongoing improvement of the region’s road network, and securing university hospital status for Cairns Hospital.”
Ms Martin said future upgrades of the city would be guided by an informed review of the changing CBD landscape.
“Council is planning to start a citywide centres and employment land study this year, which will look at the relationship of the CBD and other centres in Cairns,” she said.
“It will also consider establishing precincts within the CBD to guide future investment in renewal works.
“It is important that this policy work is completed first so that council understands the long-term changes to retail and what this will mean for the CBD in order to guide future works.”
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Originally published as Cairns CBD development: Gasparin offers to ‘pay interest’ on Rodeo Drive plan
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