Construction and development group Built has signed an agreement with Liverpool City Council to jointly develop the $400 million Liverpool Civic Place precinct, in Sydney's fast-growing third CBD.
A development application for the FJMT-designed masterplan for Liverpool Civic Place was lodged last week, located at the southern end of Liverpool, at 52 Scott Street.
Liverpool City Council has committed $195 million to deliver the council assets, in the first stage of the project, which Built will construct.
The privately-owned Built will cover the commercial costs of the remaining stages of the project.
Liverpool Civic Place will include, a 24-level mixed-use tower combining commercial, retail and educational spaces, along with a nine-level 126 room hotel or student accommodation building, new council offices, childcare occupying 17,000sq m, and a new 5,000sq m city library.
Council, which owns the land Liverpool Civic Place will be developed on, rezoned 25 hectares in the heart of Liverpool to allow an 18-hour economy.
While construction on stage one of Liverpool Civic Place is expected to commence mid-next year, all stages remain subject to development application approval.
Built managing director Brett Mason described the project as “transformative” in announcing the partnership with Liverpool city council.
“This is a great example of private sector partnering with government to unlock opportunities within existing assets to benefit the community and attract more investment into Liverpool,” Mason said.
Liverpool mayor Wendy Waller said Liverpool Civic Place was part of more than $1 billion worth of mixed-use developments in the pipeline for the city.
“It’s a great example of Council leading activation of our own CBD using existing assets,” Waller said.
Stage one is expected to be completed by mid-2022.
Built is currently constructing Towers 3, 4, 6&8 as part of Lang Walker Corporation’s Parramatta Square precinct, Built's development pipeline includes the redevelopment of the Sydney CBD heritage-listed Sub Station No.164 which it sold to TH Real Estate for $180 million on Clarence Street and the Double Bay Cross Street car park into a new mixed-use development.