Changing market conditions have forced Marchese Partners’ Eugene Marchese and developer Third.i to rethink their Merewether Residences project, amending plans to create an additional 36 residences, while reducing the size of the members bar and amenities.
Third.i is intent on ensuring the sustainability and integrity of the development, while maintaining the height and scale of the original concept. The amendments made to the project maintains commercial viability, and have been carried out in consultation with the City of Newcastle and The Merewether Golf Club board.
Third.i Co-Founder Luke Berry says the developer’s changes to the project underscores its commitment to responsible development practices.
“We've carefully considered every aspect of this pathway forward for the project, ensuring it aligns with our values of quality and community integration,” he says.
“We've tirelessly navigated price escalation challenges on the current design, modelling multiple scenarios, working with numerous consultants, going to tender three times, and ensuring our builders’ prices are as competitive as possible. However, due to rising costs, there is no solution for the current design and layout.
"As we continue to move forward with the project, we are committed to delivering on our promises and exceeding expectations, even in the face of adversity. Our team remains dedicated to finding innovative solutions that address market challenges while upholding our standards of excellence.”
Construction is due to commence on the project next year, with completion anticipated for 2027. Third.i says it plans to provide updates for buyers and club members, while staff members will also be available for purchasers to answer any questions.
