Gold Coast development: Reside Communities makes big change to Hope Island Esperance project

The developer behind a giant $250m five-star vertical retirement village has made a dramatic change to the project, warning its “future stages are at risk”. FIND OUT WHY

The developer behind a giant $250m five-star vertical retirement village is pushing ahead with the next stages of the Hope Island project despite scrapping plans for a retail and commercial hub.

Reside Communities’ Esperance is rapidly rising being built on the former site of the failed Hope Island Village Square marketplace “theme park”.

The 76-unit first stage of the project, which will ultimately have 300 units and villas, is already complete while Stage 2 is underway.

However, new documents lodged with council reveal the Brisbane-based company is abandoning its plans for a retail precinct.

Artist impressions of the project as it will look once completed. Picture: Supplied

It argues there would be no point in building the retail section originally pitched to council and instead will proceed with the remaining towers.

“The applicant has reviewed the feasibility of the retail (and) commercial space which is to be provided in Stages 3 and 4,” the planning report reads.

“Unfortunately, despite discussions with numerous operators and potential tenants, there has been no uptake to fill the 1218.4sq m of retail space which has now put the delivery of the future stages at risk.

“However, the subject site’s location and poor exposure limits the viability of a retail/commercial node.

The project is under construction.

“The scale of residential uses at the site is also not of sufficient size to support additional retail or commercial facilities in this location.”

The Sickle Ave project was approved by the Gold Coast City Council in 2019.

The first 70 residents, all retirees, moved into the first tower in May 2023, with the majority being locals who were downsizing.

The report points to the large number of existing supermarkets and other shopping centres within a 10-15m drive.

“The economic needs assessment has identified that based on the retail supply-demand analysis, there is no economic need for the approved retail floorspace at the subject site,” the report reads.

The interior of the development.

“This is due to the substantial supply of retail uses in and near Hope Island Marketplace relative to the level of locally generated demand.

“The existing supply of retail is more than sufficient to cater to current and future demand and based on the market share and turnover analysis, the approved retail uses at the subject site would not be viable.”

Construction on the first stage of the project began in April 2021 after high sales during the first year of the pandemic.

All of the $1 million-dollar plus penthouses and sub-penthouses in the first building, named Esprit sold before the first sod was turned.

The multi-tower precinct will also feature more than a hectare of green space alongside 1 prime water frontage.

Dedicated aged-care living will be featured in the latter two stages.

Originally published as Gold Coast development: Reside Communities makes big change to Hope Island Esperance project