The $21 million Riverside apartment development in the city's CBD is back on the table, after the site and approved development application sold last week.
The site, at 11 Sturt Street, was approved for a 67-unit apartment development in early 2020, but its future was left in limbo after original owners CRK Holdings went into voluntary administration just months later.
Now, the development has been given a second life after the site was purchased in an off-market sale for more than $2 million by a metropolitan investment firm.
The original $21 million development of the site proposed two towers, one six storeys high and the other 17, to be constructed on the central site with a mix of residential units and commercial spaces.
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PRD's Simon Freemantle managed the sale and said the new owner, who has yet to publicly disclose their identity, has strong plans to carry out the intended development with a few improvements in store.
"Their intention is to build a development similar to what was originally approved," Mr Freemantle said.
"They have intentions of improving the previous design so they'll include more car parking for the unit holders and they are also intending on putting a pool and a gym into the design."
Mr Freemantle said the purchase marks a bright and speedy future for the long-awaited development.
"Their intention will be to build this in the shortest possible timeframe, they will make this happen," he said.
The buyers are currently undertaking multiple metro projects and Mr Freemantle said their decision to pick up the Riverside project was a feather in Wagga's cap.
"They have decided to venture into regional [NSW] and Wagga has been one of the first of their regional projects," he said. "It's a show of confidence in knowing that Wagga is in a growth phase."
The original proposal attracted a mix of community feedback during the public exhibition period with 16 submissions in support and two in opposition. Those in opposition raised concerns around the height of the buildings and traffic congestion. T
he president of the nearby Riverine Club, Richard Pottie, was one voice in support of the project, with some planning tweaks.
Mr Pottie said the sale and revival of the project was great news for the city.
"[Parking] was a major concern, but other than that I think it's really good," he said. "It's good for Wagga and it shows we're progressing and we're serious about moving forward to the 100,000 population that we're working on."
Mr Pottie welcomed possible changes to the parking allocation.
"That's important because [parking] really is a problem down that end of town," he said.
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