Sydney-based developer Winten Property Group has submitted a second round of design plans in Main Beach, this time opting for a conventional apartment tower over an earlier more futuristic design.
The previous proposal, a bold 47-storey tower, included a six-level hotel and 250 apartments spread across 40 floors.
The developer has now filed a new application with the City of Gold Coast to replace the earlier concept with one less than half its size.
The new 21-storey tower features 132 apartments, with seven units on each floor.
The decision comes in the wake of a retreating Chinese market, who have turned their investment interests to south-east Asia, and in particular Thailand and Vietnam.
Winten Property Group Queensland state manager Karl Rameau told The Urban Developer that Winten was responding to a shift in the market.
"The original design was an expensive project which was targeted at a Chinese hotel operator," Rameau said.
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This is for the local community – there is a good market for local owner-occupiers.Winten Property Group Queensland State Manager Karl Rameau
"Our aim was to develop something for the Gold Coast community that we could stand back from and be proud of."
The refreshed application now aligns with neighbouring apartment towers and has a reduced visual impact.
Now targeted at owner-occupiers, the project will be more suited to local investors to address the changing residential market.
"This design was always the original plan," Rameau said.
"It will be a much better product with 180sq m units fit for 132 new tenants. It will be the first of its kind in the area for 15 years."
The majority of the five-title holding was pieced together late-2015 in a deal negotiated by Ray White Commercial’s Michael Willems.
Two titles were purchased from local businessman David Baird for $8.2 million and from Timothy Abberton and Jennifer Price for $2.1 million.
Winten Property Group recently appointed Multiplex to deliver its $1 billion 1 Denison Street office tower in North Sydney.