Gold Coast development: COVID-19 delays more than $1 billion in tower projects
The fate of more than $1 billion worth of tower projects on the Gold Coast has become clear, with new documents revealing what will happen next.
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THE coronavirus pandemic has forced the delay of more than $1 billion worth of Gold Coast developments in just one month.
At least five developers have written to the Gold Coast City Council since July requesting four-year extensions to their approvals, which were granted in 2016 and 2017.
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Among the most prominent is developer Orion GoldMark’s 103-storey Orion Towers, planned for a site in Surfers Paradise.
Developer Joint Venture Broadbeach has applied for an extension for a 25-unit tower planned for Charles Ave.
An extension has been sought for a Nerang aged care facility.
Developers of all three cited the pandemic as the need for an extension.
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“The reason for the request is likely to be similar to many other developers seeking such endorsement as an indirect result of economic conditions and uncertainty in the marketplace,” a letter to council about the Broadbeach project said.
“The knock-on effect has caused significant delay to the project, therefore rendering it unviable in the current market cycle, all of which has been compounded by the current public health emergency – COVID-19.
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“It is requested council participate by fully realising the local economic stimulating potential by granting the required extensions to allow feasibility of this project to run its course through to development, delivering jobs and stimulating our local economy.”
City planning boss Cr Cameron Caldwell said the council was paying “close attention” to the state of the sector.
“Council has recently resolved to support the State Government’s COVID response to extend approvals,” he said.
“While activity in the sector has remained strong, we are keeping a close eye on what impact COVID has had.”
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