Imperial Square: Developer Robert Badalotti unveils redesign of Monarch Place tower

A prominent Gold Coast developer has unveiled a redesign of his next project, halving the tower’s size. He reveals the reason behind the decision. FULL DETAILS

Prominent Southport developer Robert Badalotti has unveiled a redesign of his next project, halving the tower’s size.

The Monarch Place tower, which was given the green light to rise to 40 storeys will now be just 21 storeys, with the price tag dropping from $650m to $360m.

The Azzura Investments boss, who foreshadowed last month he was redesigning the mixed-use residential and commercial project, said the decision was “essential” to make the tower a reality given current market conditions.

Artist impression of Monarch Place, the second stage of the Imperial Square project planned for Southport on the Gold Coast.

“The downsizing of Monarch Place doesn’t detract from this vision,” he said.

“Reducing the scale of Monarch Place is essential from a project-delivery perspective.

“It means we can get the project under way sooner and completed much earlier than planned, which meets the needs of our buyers who are keen to move in as soon as possible.

“We have always taken a long-term view in delivering on the Imperial Square master plan and our new proposal for Monarch Place is in direct response to market conditions and demand for affordable luxury.

“Every project we have undertaken over the past four decades has been with an eye on maintaining a practical and sustainable approach to development that is second to none. “We’re excited to be in a position to bring the second stage of Imperial Square to the market under this guiding principle.”

Artist impression of Monarch Place, the second stage of the Imperial Square project planned for Southport on the Gold Coast.

The tower will now have 209 units, down from the 323 initially proposed, with three levels aimed at short-term accommodation.

According to Azzura, more than half the suites of its planned medical centre are under contract, while it is also expected to have a cinema, golf simulator and coffee lounge, along with four levels of carparking.

Azzura last week lodged plans with Gold Coast City Council to lower the size of the tower.

The council approved the Imperial Square masterplan for the project in 2016.

The first stage – the $120m TRYP Hotel by Wyndham and Regal Residences — opened late last year.

Artist impression of Monarch Place, the second stage of the Imperial Square project planned for Southport on the Gold Coast.

Monarch Place will be the second tower of Azzura Investments’ Imperial Square project, which if realised, will be home to the southern hemisphere’s tallest tower – the 108-storey Majesty.

Mr Badalotti recently called for reform around the development sector, saying it was critical to get more housing into the market.

He called for longer construction hours, incentives and reduced infrastructure charges to take pressure off the market and get developers to put their projects on the fast-track to getting built. 

Originally published as Imperial Square: Developer Robert Badalotti unveils redesign of Monarch Place tower