Coronavirus 2020: Gold Coast Marriott 46-storey tower plans on backburner
COVID-19 has forced plans for a 46-storey tower Coast tower to be put on the backburner. The developer has applied to have the approval period extended until 2026.
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COVID-19 has forced plans for a 46-storey tower managed by the Marriott to be put on the backburner.
Documents filed with the Gold Coast City Council reveal developer Paradise Coast Investments has applied to have the approval period extended until 2026.
The tower, planned for a Budds Beach site on the corner of Acacia and Oak avenues, was approved in 2016 and was close to its four-year approval period expiring.
But a letter lodged with the council this week reveals the 211-unit project has been hit by delays during the coronavirus pandemic.
“In this case, a request for an extension to the currency period is being sought because of changes in the personal and financial circumstances of the applicant that have impacted on the project delivery time frames,” the letter said.
“The applicant was in long-term discussions/exclusive period with Marriott International to deliver the hotel in a joint venture arrangement.
“However, in late 2019 Marriott decided not to proceed with funding and thus they have had to go back to market to raise capital to fund the development.
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“Currently the applicant is in discussions with several development companies for funding, as Marriott is still interested in managing the site, once funding has been obtained. The applicant is seeking an extension of the currency period to allow this to occur, while also considering the economic impacts of the COVID-19.”
Council officers will make a decision in coming weeks.
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