Tower set to rise

July 29, 2009

Section: News

HEATHER SMITH

WOLLONGONG’S tallest building is back on the agenda with the new owners of the Regency Street site submitting a development application for a 27-level tower.

The proposal, submitted by PRD Architects, is the same as the previously approved DA for 10-18 Regent Street given to former owner, David Shalala’s Wollongong Central Towers Pty Ltd. The DA lapsed after the project stalled and administrators were appointed.

The new application costs the project at $49 million whereas the previous development was quoted at $80 million.

PRD Architects director Peter Rasa said the decision by the new owners – a consortium of Sydney and Wollongong developers trading as Zadeo Pty Ltd – was a positive sign for the city.

“It’s a fantastic project,” Mr Rasa said. “An A-grade development.”

The mixed-use development will feature nine levels of commercial space, 75 units over 16 residential levels, a restaurant, recreation facilities and three levels of parking.

The building will dominate the landscape but Mr Rasa said the position was “good town planning”.

“Taller buildings should be sited on the high point of the land,” he said. “It’s brilliantly located and every unit has a fantastic view.”

The residential component of the development starts from level 11. “It’s a separate residential project with a concierge for the units,” Mr Rasa said. “It’s the New York style of living and something we haven’t had in Wollongong before.”

The 3520sq m site was amalgamated by Mr Shalala for between $12 million and $13 million however selling agent Geoff Jones of Martin, Morris and Jones said it sold for “significantly less than that”.

Mr Rasa said he was excited that it was going ahead. “We certainly need some positive news down here,” he said.

Submissions close on Wednesday, August 5.