BUILD QLD: Azzura Group’s Robert Badalotti says ‘spotlight’ back on Gold Coast bringing development boom
A leading developer says there is a “spotlight” on the Gold Coast - and even more billions can pour into the city. SEE WHAT’S COMING >>>
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A leading developer says a post-Covid “spotlight” on the Gold Coast will be a beacon for investors, because “this is the best place you can put your money into”.
Azzura Group boss Robert Badalotti has called on the city to “roll out the red carpet” for investors to protect the Coast’s future.
Azzura last month began construction on the Gold Coast’s biggest single development, the $2.3 billion Imperial Square project, hailed as a “sign of things to come” for the city.
The centrepiece of the project will be a 108-storey superpower, something Mr Badalotti said would become a mainstay of the Coast’s iconic skyline.
“We’re supposed to be supporting our own town like never before,” Mr Badalotti said.
“This coronavirus has put our town back into the spotlight and we should really not bag anyone that wants to come and do an investment.
“We should give them a warm welcome, roll out the red carpet and say, ‘This is the best place you can put your money into’.”
He added he did not believe the controversies surrounding developments Jewel and Spirit had impacted the city’s investment reputation.
The $1.4 billion Jewel development struggled to lure investors, selling just a dozen apartments in a six-year campaign.
Gold Coast billionaire Ri Yu Li sold his stake in the failed Spirit site just six months after the $56.5 million sale was settled, a Bulletin report revealed last week.
“I am the biggest believer in the Gold Coast,” Mr Badalotti said. “There’s not only opportunities for developers but for (future generations) coming on board.
“This town has got plenty to do, we’ve got so much potential for every single person. It’s incredible.”
The Imperial Square mega development, planned for the corner of Meron Street and Ferry Road, was previously expected to have four towers, but has been scaled back to three. They are:
● The Regal Residences
● Monarch Place: a 54-level “twister” tower that will front the Ferry Rd side of the site.
● The Imperial Tower, an 108-level building that will become Australia’s tallest, beating out Surfers Paradise’s Q1.
Mayor Tom Tate told the Bulletin in April the development matched his “upwards rather than outwards” approach to future development on the Gold Coast.
“The only way is up for the sustainable future of our city,” he said.
“We must plan for higher density among our key public transport corridors.”
GOLD COAST’S TOP UPCOMING DEVELOPMENTS
STAR CASINO
The $400 million project, expected to create 1800 construction jobs during the project and 500 once open, follows construction of the 54-storey Dorsett hotel tower, due to open in late 2022.
The new project will feature 460 apartments upon completion, which is anticipated to be mid-to-late 2024.
IMPERIAL SQUARE
The four-tower Imperial Square complex, with The Majesty, a 108-storey superpower at its heart, is planned to transform a central Southport site and create more than 3000 jobs during its construction phase alone.
The completed development, planned for a 1.34ha Meron Street site currently home to the Mercato on Ferry complex, will contain 1600 dwellings and more than 40,000 sqm of commercial and retail space.
DBAR & AWAKEN
Cafe DBar will reopen in developer Paul Gedoun’s 12-storey Awaken Residences on Boundary Street. Construction will begin later this year once the existing building is demolished.
TRIGUBOFF’S OCEAN
The 332 suites inside the Gold Coast’s newest hotel are nearing completion ahead of its opening on July 3.
The Meriton Suites hotel, to be built in Harry Triguboff’s 76-storey Ocean superpower on The Esplanade in Surfers Paradise, will open in time for both the July school holidays and Gold Coast Marathon.
However, the tower itself won’t actually be complete until February next year. The hotel will operate on the first 31 floors.
SUNLAND’S 272 HEDGES
Sunland Group’s $250 million 272 Hedges Ave tower has reached two-thirds of its planned height, with the 31st level poured in March.
It will stand at 44 storeys once completed in mid-2022.
PACIFIC VIEW ESTATE
Earthworks began on the $1.5 billion development in Worongary in February with sales expected to start in June. Formally known as Pacific View Estate, the project is a joint venture between Perron Group and a Gold Coast investor.
It is expected to deliver up to 3500 dwellings over a 15-year period.
Originally published as BUILD QLD: Azzura Group’s Robert Badalotti says ‘spotlight’ back on Gold Coast bringing development boom
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