Gold Coast development: Jim Raptis unveils $200m Broadbeach tower ahead of ATO ‘deal’
Controversial Gold Coast developer Jim Raptis has unveiled plans for a giant new $200m tower and revealed his hopes over his battle with the Australian Taxation Office (ATO)
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CONTROVERSIAL Gold Coast developer Jim Raptis has unveiled plans for a giant new tower – and hopes of a “deal” with the Australian Taxation Office (ATO).
Privately owned development company Raptis, jointly headed by Jim and Evan Raptis, has filed plans with the Gold Coast City Council for a $200m, 35-storey tower, which will be built on Broadbeach’s Anne Avenue.
If approved by council, construction will begin in late 2022.
It comes nearly two months after the ATO announced it was chasing almost $110 million allegedly owed in taxes and penalties by Mr Raptis, members of his family and other entities they allege are linked to him.
A Federal Court Raptis asset freeze, which also is linked to wife Helen and son Evan, takes in the Mr Raptis’s Paradise Waters home and will last until a case management hearing in February.
A spokesman for the Raptis company said: “On the recent tax matters, we have been in productive negotiations with the ATO.
“A new timetable was agreed upon last month to give time to reach an agreement,” he said.
“We anticipate reaching that agreement, early next year.”
The tower will be the third Raptis project underway in Broadbeach following the start of construction on a separate $220m apartment project in adjacent George Avenue.
The $95m The Gallery Residences tower in Second Avenue has recently sold out.
Earmarked for a 1500 sqm site, the tower will feature 150 units including a range of “skyhome” units.
Company joint managing director Evan Raptis said the project would be focused on luxury living.
“Not everyone can live in a penthouse, but we want to make everyone feel as though they do,” he said.
“Across our projects we’re incorporating infinity pools, tropical gardens, alfresco and indoor dining rooms for everyone to take advantage of, and the same will be incorporated at Anne Avenue.”
Each of the vehicle garages will have electric vehicle charging stations.
Jim Raptis said in a statement the city’s buyer market had changed.
“A decade ago the mix of buyers was consistent: one-third investors, one-third owner-occupants and one-third holiday-makers who would lockup their apartment for large parts of the year.
“Since Covid, 70-80 per cent of our purchases have been to local empty-nesters and interstate downsizers.”
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