Monaco, Polites Plan $100m Runaway Bay Tower

The residential market at Runaway Bay is heating up with plans for a $100-million, 31-storey tower and three villas filed by Monaco Property Group and Polites Property Group.

The joint venture lodged the plans for the slim 3116sq m site that sits between a series of towers on the Broadwater at 13-15 Bayview Street.

The developers are taking advantage of the booming Gold Coast market where unit prices have increased 9.9 per cent in a year, according to Domain.

The residential project follows Polites’ Cabana tower in Palm Beach, a joint venture with Ignite Projects.

The group is headed by identical twins Alex and Marcus Polites, the grandsons of the late Adelaide property tycoon Con Polites.

Monaco is headed by Jonathan Grasso and Jay McPhee, who also have connections in the property world.

This includes McPhee Distributions Services and Industrial development with its $1-billion portfolio, and Grasso’s previous projects with Belvue Property Group, which he founded.

The retro Palm Springs inspired design by Plus Architecture includes 31 whole-floor apartments, with three or four bedrooms, on a 323sq m floor plate plus three 510sq m detached homes.

There are also two swimming pools, a sauna and wellness facilities planned for the site, which is 20m wide and 155m long.

Polites managing director Alex Polites said the suburb was being reinvigorated by new developments and buyers looking for a coastal lifestyle.

“Runaway Bay’s development history dates back to the 1970s and it set the benchmark for residential apartment living on the Gold Coast in the 1980s and 1990s,” he said

“Since then, the Gold Coast has evolved into a sophisticated city envied not just as a holiday destination but for its coastal lifestyle.”