A $1 billion, international competition-winning design has collapsed amid funding worries.
Devine’s French Quarter six-star hotel and residential development would have included Brisbane’s most expensive apartments, at $15 million, had it gone ahead.
Despite having bought up to 4,061 sqm of CBD land and spearheading the project to “the cusp” of planning approval, a spokesperson confirmed that Devine has axed the project and is now selling the site.
The result of an international design competition in 2008, won by the architect of the Bruj al Arab hotel, Tom Wright, with Queensland studio ML Design, the project includes two cutting edge residential towers, a five-star hotel and Parisian themed retail precinct. Architectural concepts have already been completed along with substantial consultant, town planning, technical and market research reports.
The development could “completely redefine Brisbane’s skyline”, Geoff McIntyre, managing director of appointed agent Jones Lang LaSalle, said.
Reports suggest that financiers are being cautious in lending to companies such as Devine, for fear of further exposing themselves to a major shareholder, in this case Leighton Holdings.
However, the developer’s managing director, David Devine, said the company had made the decision to sell the project after a strategic review of its development priorities and objectives.
“The sale of the French Quarter will particularly allow us to focus attention on developing subsequent stages of the very successful Hamilton Harbour mixed-use project as well as replenishing our Victorian land bank where strong sales have seen our land stocks reduced to below optimum levels,” he said.
Devine’s $490 million Hamilton Harbour joint venture with Leighton Properties is progressing well and has now sold 229 of 257 apartments in the first residential stage of the project — Hamilton Harbour One.
Devine said the company would retain a strong presence in the Brisbane CBD despite the sale of the French Quarter.
