A FIRST-of-its kind riverside development is back on the table, six years after it was “put on hold”.
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Plans for a 10-storey residential and commercial development on Sturt Street were passed in 2006.
But a hike in building costs after the global financial crisis of 2007 and 2008 hit pause on its construction and the development application expired in May 2010.
Now, what could be Wagga’s most expensive apartments are back on the agenda.
Selling agent Greg Howick, of Fitzpatricks Real Estate, confirmed plans were back before council to develop a six-storey apartment complex on top of a commercial ground floor at the vacant site overlooking the Murrumbidgee River.
But Mr Howick said, if approved, the development would be reduced from 10 to six stories due to zoning changes, putting it the same height as the adjacent unit complex. Just how much the new development will vary from the original application hinges on proposed changes to the Local Environmental Plan (LEP).
Mr Howick said the number of apartments and the cost of each, for example, would depend on changes to the LEP.
In the original plans, residential units were earmarked to cost from $675,000 up to $1.5 million for a penthouse.
“(It’s pitched toward) the baby boomers or young professionals,” Mr Howick said of target clientelle.
“The water views really sell it well. It’s probably the equivalent to living in Sydney and having a beach view.”
The original proposed “landmark” development of 2006 included 26 residential units and two commercial premises on the ground floor overlooking the Murrumbidgee River.
It would have been a first of its kind in Wagga, incorporating both commercial and residential facilities in an inner-city location.
“We’re pretty confident it will get up,” Mr Howick said.
“Council has been excellent and state planning. It will certainly be good for the city. It will be ideal for retirees and young professoinal wanting a high-end option.”