Sydney-based developer Level 33 has received approval for a new $31 million mixed-use project in Wollongong.
The 18-storey project, dubbed Skye Tower, will comprise 105 apartments, ground floor retail and around 585sq m of commercial space.
The site, located at 9-15 Railway Parade, houses the run down old Sam's Warehouse, which will be demolished to give way to the new residential tower.
Level 33, owned by Eddy Haddad, has already completed development projects in Wollongong, with the nine-story Vivid apartments in Auburn Street completed last year.
The developer is also pushing ahead with plans to transform Wollongong's existing methadone clinic in Denison Street into a mid-rise residential complex, submitting plans to the local council in May.
Last year, Level 33 acquired 15 homes in one line in the south Sydney suburb of Kogarah for $37 million. The developer flagged plans for a 300-apartment project, submitting a development application for four buildings across the amalgamated plot.
Will Wehbe of St Trinity Property Group is marketing the developer's Skye Tower project.
“The City of Wollongong is currently experiencing a surge in popularity from Sydneysiders looking for more affordable property prices, with the region’s seaside location proving a big drawcard for many buyers, particularly those buying their first homes,” Wehbe said.
Prices for a one-bedroom apartment will start at $460,000. Construction is expected to commence late in 2018 with completion by 2020.