Brisbane City Council has approved a triple tower residential, hotel and retail project in Fortitude Valley.
The property, located adjacent to Chinatown Mall, will comprise three towers and is expected to have an end value in excess of $250 million.
The 3,000 square metre site has remained vacant for over 20 years.
The development will include a 4.5 star, 25 level, stand alone hotel and two residential towers which will be linked through a ground floor arcade.
said they were confident that the timing of the development was right.
“We have been planning this project for over 18 months and have engaged some of the best building, research and engineering consultants. Our award-winning architects, Nettletontribe have drawn on their intimate knowledge of designing world-standard mixed use projects and the result will be an attractive investment for apartment buyers and retailers looking to live or do business, less than one kilometre from Brisbane’s CBD,” Mr Jones saidThe first stage will be a 30-level residential building fronting Wickham Street and will contain 187 one and two bedroom apartments as well as a landscaped rooftop terrace, lounge facilities and three podium decks with pool.
Cascading green walls will run the length of the retail arcade, activated by outdoor dining areas, open public space, seating and international brand name retailers.
“The landscaped plaza forms an important part of the proposed development improving the quality and quantity of public spaces presently lacking in the area. Extensive streetscaping will enhance recreational and pedestrian movement to the southern and formerly quieter part of the Valley,” Mr Jones said.
The final two stages will feature a 25-level hotel, including 198 studio rooms and a residential tower comprising 135 one and two bedroom apartments over 24 levels.
“Being located on Fortitude Valley’s southern perimeter, 188 Wickham Street will not only be a landmark development but act as the focal gateway into the Valley and Chinatown Mall,” Mr Jones said.
One-bedroom apartment prices in the first stage will range from $375,00 to $450,000 and from $555,000 for two-bedroom apartments.
The first stage of construction is due to commence in the third quarter of 2014.
The project is due for completion in 2016.