Ritz-Carlton tower at Pyrmont would give $800m boost to NSW economy
NSW is at risk of losing $800 million in economic activity and more than 1000 jobs if the axe falls on The Star’s plans to build a luxury hotel at Pyrmont.
NSW
Don't miss out on the headlines from NSW. Followed categories will be added to My News.
The NSW economy would lose $800 million over the next decade if the controversial Ritz-Carlton tower at Pyrmont does not get the green light.
A new submission to the troubled Independent Planning Commission from The Star casino said the luxury hotel and apartment tower would pump $800 million into the NSW economy by 2030.
In addition to boosting tourism and jobs the proposed 237-metre tall tower would house a five-level community centre that would deliver an $80 million benefit to the Pyrmont community over its lifetime.
A spokesman for The Star said: “We are committed to investing in NSW and wanting to provide even more jobs, more economic benefits and more tourism stimulus through development of The Ritz-Carlton tower.
“Given tourism is such a growth sector, this is a real opportunity for Sydney,” he said. “We don’t want it to be an opportunity missed.”
In July planners rejected the $500 million tower proposal that would create 1000 construction jobs and 750 jobs once completed.
The decision infuriated Premier Gladys Berejiklian who declared “Pyrmont is open for business” and ordered the Greater Sydney Commission to re-examine the whole area.
The commission’s report defied the expectation of NIMBY Pyrmont residents and placed the proposed tower in the heart of a bustling new development area for an expanded CBD rather than in low-rise Pyrmont.
The premier seized on the GSC report and said: “We are for the first time treating Pyrmont and the western Harbour precinct as the gateway to the CBD.”
The IPC has called for submissions on the commission’s findings before it hands down its decision in coming weeks.
The Star’s submission expanded on the GSC review to outline the benefits it already provides at its base in Pyrmont, which is built on the site of the decommissioned Pyrmont power station.
It is the largest single-site employer in the area, employing more than 4500 staff, and attracts 11 million visitors every year — four times the number who visit the nearby fish markets.
On a typical Saturday night The Star already packs in 48,000 people including 2000 in the Lyric Theatre, parks 3500 cars in its basement, puts 1400 people into 614 hotel rooms and employs 2395 people.
The submission said the new six star Ritz-Carlton would add another 220 hotel rooms to the rooms it already offers in The Darling, Sydney’s only Forbes 5-star rated hotel.
It comes as the IPC itself is under investigation with the NSW cabinet last week ordering an investigation to assess whether “it is in the public interest to maintain an Independent Planning Commission.”
The review has been ordered in the wake of a string of highly contentious decision relating to NSW mining developments including the rejection of the Bylong Valley coal mine partly on the basis that it would increase “scope 3” greenhouse gas emissions in Korea.