Gold Coast power 100 2022: 20 most powerful developers and construction heavyweights
These developers have plans to spend more than $1.5bn reshaping a prominent piece of Burleigh Heads into a giant project. See what they've got planned and why they are some of the city's most powerful property figures.
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These are among the Gold Coast’s most influential people.
The powerbrokers, movers and shakers, those at the top of their game, celebrities, entrepreneurs and CEOs who are putting the city on the map.
Our journalists and editors have spent weeks debating whose influence and work matters most in 2022 – and now it’s your turn to read, argue, ponder and share the second instalment: development and construction heavyweights.
Stay tuned as each week we reveal the most influential in our city’s most important industries: medical, influencers and entrepreneurs, real estate agents, hospitality moguls and developers.
Below, we introduce 20 of the Gold Coast’s top construction and development kingpins.
20. Greg Alder, Alder Group
The founder and managing director of Helensvale-based Alder Constructions and Alder Developments has undertaken some of the region’s largest residential, commercial and industrial projects. The group’s $30m M1 Connect Business Hub at Siganto Dr in Helensvale topped out this week, while other key projects are completed or under way at Pimpama, Beenleigh and Yatala.
19. Robert Badalotti, Azzura Group
The Azzura Group boss is dreaming big – the southern hemisphere’s tallest tower.
A 108-storey supertower is at the heart of his $2.3bn, three-tower Imperial Square project, the first stage of which has finally begun construction, nearly a decade after it was unveiled.
Launching the project to the market in June 2020, in the early months of the pandemic turned out to be a masterstroke, getting his product into the market months before the Covid development boom kicked off.
Strong sales in the past year have seen plans for the first stage revamped to focus on residential living. Mr Badalotti says he’s pushing ahead with finetuning his plans for the supertower.
18. David Devine, DD Living
The veteran property developer has made some major moves in the Gold Coast market in recent years, starting with the success of Alba in Burleigh Heads.
The 2021-22 financial year has seen him take his ambitions to the next level, submitting a development application for, and getting approval for his $340m Royale Gold Coast tower in Surfers Paradise.
Demolition works have begun on the existing Royale building to make way for the tower, which has seen strong sales.
17. Ron Bakir, Homecorp
The Homecorp boss has had a busy 12 months amid the Gold Coast’s hottest property market in more than 30 years.
He’s pushing ahead with his proposed 25-storey Eve Residences tower at Labrador on the former KFC site his company bought from veteran developer Sunland.
Construction is yet to begin,
Further south at Varsity Lakes, his $200m Capital Court towers are rising rapidly but have faced their own challenges.
Its builder, Condev, collapsed in March with debts of up to $45m, though construction was only delayed by a handful of days.
Homecorp also took on the subcontractors and workers who had previously been employed by Condev.
16. David Calvisi, Forme
Is changing the face of the Gold Coast beachfront, starting with the one-per-floor luxury residential tower called North Residences at 296 The Esplanade, Burleigh Heads. He has continued developing high-end luxury projects ever since. Established Forme with business partner Byron Griffith. Other completed projects include Pacific Palm Beach, Norfolk and Luna at Burleigh Heads, while four more projects from Burleigh to Brisbane are under way.
15. Paul Gedoun, S & S Projects, PointCorp
Paul Gedoun has been in the development and construction industry for more than 18 years.
Among the most successful to capitalise on the city’s Covid building boom, construction has already begun on his 12-storey Awaken project at the former Cafe Dbar site at Point Danger and the nearby Flower Residences tower.
In his latest move, Mr Gedoun has his 21-storey redevelopment of The Collective at Palm Beach before council while attracting a significant community backlash.
As a founding director of Pointcorp, Mr Gedoun is also overseeing the development of the luxury Riverina project, on a former Japanese billionaire's playground, at Nerang.
14. Chris Vitale, Vitale Property Group, Pointcorp
Mr Vitale, who founded the Brisbane-based Pointcorp with Paul Gedoun in 2002, is also across the Riverina development.
The property has a 400-metre frontage to the Nerang River, offers deepwater access to the ocean, will have a 2.8ha lake as a centrepiece and will include a large resort-style pool. His Vitale Property Group is also a partner in $450m, 22-storey luxury Burleigh Heads development Mondrian Residences.
13. Chris Bolger, Cru Collective
Gold Coast developer Cru Collective and ASX-listed CVC Limited are planning a mammoth $1.5bn waterfront development on site they’ve bought for $45m at Burleigh Waters. The companies acquired the site, which fronts Lake Orr on Southport-Burleigh Rd, in the region’s largest local real estate transaction of the year to date. Mr Bolger’s Cru Collective made a name for itself in popular boutique projects on the southern Gold Coast before embarking on its latest lucrative partnership.
12. Tim Gurner, Gurner Group
The 39-year-old young gun developer is on a hot streak after securing council approval for the largest project in Surfers Paradise’s history.
The Gurner Group’s $1.75bn La Pelago, flagged last year, will transform a whole city block into an ultra-luxury precinct spanning residential, hotel, wellness, retail and hospitality offerings.
A builder has been appointed for the first supertower, the project’s biggest at 60 levels and with 430 “residences” and 200 hotel suites, with work expected to start before Christmas.
The four La Pelago towers will transform a long-empty block of land fronting Ferny Ave and is one of a new wave of projects earmarked for so-called “bomb sites” that have littered Surfers Paradise for 30 years.
11. George Mastrocostas, Aniko Group
Aniko Group has become the northern Gold Coast’s most prolific developer in the past five years.
The company, headed by George Mastrocostas, has spent more than $500m on new towers in Hope Island in the past two years alone and sold out its $125m Athena Residents project in February.
The company is now shifting its ambitions further south, buying a 1518sq m site on Chevron Island’s Weemala St, with plans to replace three residential and unit buildings with a “premiere development”.
10. Peggy Flannery, KTQ Group
Developer KTQ Group, headed by rich-listers Brian and Peggy Flannery, is building the southern Gold Coast’s biggest project, the $380m redevelopment of the Kirra Beach Hotel.
The company fast-tracked and redeveloped Kirra Point, the next stage of the project in a bid to capitalise on the market.
Construction of the 16-storey, 118-unit Miles Residences, the project’s first stage, began more than a year ago.
Kirra Point, now three storeys taller than initially planned, will incorporate the new Kirra Beach Hotel.
The company is now taking on a tower project in Surfers Paradise.
9. Jim Raptis, Raptis Group
This resilient developer has been working on the Gold Coast for more than 40 years, with projects including Southport Central, the Hilton, WaterPoint, Chevron Renaissance, The Moroccan, The Phoenician and more under his belt. Not letting a $109m tax office stoush get in its way, Raptis Group is currently developing the Pearl Main Beach and The Sterling Broadbeach. His born-again ASX-listed company has all but left the development game, instead focusing on management rights acquired from the private Raptis companies.
8. Andrew Malouf and Dan Laruccia, Spyre Group
Brisbane-based developer Spyre Group is busily changing the face of the Gold Coast beachfront, with projects stretching from Main Beach to the border.
The group bought the site of the former Lark cafe at Main Beach for an 18-storey tower, and has demolished the Komune tower at Coolangatta to make way for its 12-storey, $57m Cala Dei tower.
The group has also planned a $100 million luxury tower planned for Main Beach Parade.
Spyre is also completing the $77m Natura project at Burleigh Heads and the $80m Elysian Broadbeach.
The $20m penthouse of Spyre Group’s yet-to-be built Glasshouse project, also at Burleigh, this month smashed the Gold Coast apartment record.
7. Phil Usher, Philip Usher Constructions
Mr Usher is head of residential developer and builder Phillip Usher Constructions, whose projects have included the H2O and Sky apartment buildings in Southport, as well as houses and townhouses nationwide. The business has almost $500 million in assets on its balance sheet, including a substantial pastoral business encompassing about 1.2 million hectares of cattle properties across five Queensland stations, according to The List.
6. Judith Brinsmead, Adco Constructions
Ms Brinsmead oversees a construction business that has completed more than 3500 projects worth almost $15 billion in 50 years of operation. ADCO made a $32 million pre-tax profit from $900 million revenue last year. The Brinsmead family also owns the Tropical Fruit World farm and tourism attraction in northern NSW. Ms Brinsmead’s estimated wealth of $519m landed her 246th spot on The Australian’s rich list in March.
5. Tim Gordon, Gordon Corp
Partnered with SPG Land, Gordon Corp has planned an $880m tower project in Surfers Paradise which will be the most high-density project in the city in 20 years, containing more units than Jewel and Southport Central.
The three towers will be 38, 40 and 42 storeys, while the Australian-first suspended lap pool will be 26 levels up.
Mr Gordon, who nearly came unstuck during the GFC but recovered to become one of the state’s biggest developers, is also behind the luxury $100m unit development on the controversial Southport Spit.
He also has plans for three Queensland sites he bought from supermarket chain Kaufland’s failed expansion bid, and has had success buying, developing and selling industrial sites across the Gold Coast.
4. Barry Morris, Morris Property Group
This high-rise developer spent more than $30m on new sites for towers in the second half of 2021, including a 2024 sqm Gold Coast Hwy site at Burleigh Heads. The Burleigh addition to the Morris site pipeline followed two at Broadbeach – an $8.8 million one in Armrick Ave and another for $8.97 million in Australia Ave. The group has undertaken three projects at Burleigh, including the 26-level, 163-apartment Sandbar. The group has built 12 towers between Broadbeach and Burleigh since 2005, providing more than 1200 apartments.
Mermaid Beach resident Mr Morris, originally from Canberra, also plans a $250 million office building in Brisbane, where his group has developed a 26-floor tower for the Australian Taxation Office.
3. John O’Neill, The Star Entertainment Group
Star Entertainment Group is facing his challenges in Sydney with an inquiry into its business dealings and the departure of its long-time CEO Matt Bekkier.
On the Gold Coast it has seen success this year, with the completion of its giant Dorsett tower and construction rapidly advancing on its Epsilon supertower.
A decision will be made later this year about the completion of its remaining three towers.
Mr O’Neill also wields power in his role as Chairman of Queensland Airports Limited, which has undertaken vast redevelopments of its own in the past two years.
2. Soheil and Sahba Abedian, Sunland Group
One of the Gold Coast’s leading development companies for nearly 40 years, Sunland has continued its gradual process of winding up its ASX-listed group.
While no new projects have been launched the publicly listed company headed by Soheil and Sahba Abedian continues to be the developer the rest of the industry watches.
In October 2021 the company, which developed the iconic Q1 tower and Palazzo Versace hotel – sold its long-planned The Lanes shopping retail village project for $45.8m to Sydney-based developer Panthera Group.
It will complete its two already under way projects – the $250m 272 Hedges Ave tower and a $200m, two tower residential project at The Lanes.
1. Harry Triguboff, Meriton
High-rise Harry is putting the finishing touches on his Ocean supertower in central Surfers Paradise, with the project recently topping out.
But just when it looked like he was done with the city, the Meriton boss unveiled in December last year his next Gold Coast project – a giant twin supertower project for a prominent beachfront site just south of Main Beach.
Mr Triguboff’s Meriton will build Pacific, a $600m two-tower project of 71 and 51-storeys respectively on the Banyan Tree site on The Esplanade.
The towers will have 637 units with 382 in the larger tower and 255 in the smaller.
The new towers will take the number Mr Triguboff has built on the Gold Coast since the early 1980s to 21.
Mr Triguboff, who divides his time between Sydney and his Main Beach penthouse, boasts$20.81 billion in wealth, and was comfortably named the nation’s sixth richest person in The List: Australia’s Richest 250, published in March.
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