Brisbane’s Eagle Street Pier is set to transform into a new business and leisure destination, with the state government appointing property group Dexus to undertake a full feasibility study to redevelop the waterfront precinct.
The Palaszczuk government announced the decision to progress to the next stage of Dexus’ proposal on Friday.
The proposal will see up to 1.5 hectares of public and riverfront open space, including shaded public terraces stepping down to the river and a new, wider Riverwalk section to join the recently announced botanic gardens Riverwalk project.
Parts of Eagle Street would be demolished to create more space for cyclists and pedestrians.
The proposal also includes two new towers on the site with potential for commercial use, residential apartments, a hotel and additional retail spaces.
A timeframe has not been announced but the developers are aiming for a 2020 start on construction.
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The Dexus waterfront precinct proposal has completed stage one, and will move into stage two under the market-led proposal (MLP) program. The four stages of the MLP framework include preliminary assessment, initial proposal, detailed proposal and final binding offer.
Planning Minister Cameron Dick says the project will be a city-shaping development – a world-class mixed-use riverside precinct with public space at its heart.
“Our government is supporting this proposal because we support jobs, and this project would represent a $1.4 billion investment in Brisbane with the potential to support around 740 jobs per annum over the life of construction.”
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Dexus chief executive Darren Steinberg says the proposal’s goal is to revitalise Eagle Street Pier as Brisbane’s premier dining hub.
“[And] give back the waterfront to the Brisbane community, creating a place that celebrates Brisbane’s sub-tropical climate and delivers a global-standard business address and tourist destination in the heart of the CBD,” Steinberg said.