Construction is now underway on the Ferny Grove Central project, a $140 million development set to shake up the eponymous Brisbane suburb.
With the ribbon set to be cut in late 2023, the self-styled Transport Oriented Developed (TOD) will see a mixed-use development adjoining the Ferny Grove Railway Station.
The site will combine apartment living, an entertainment precinct, a 12,000-square-metre retail centre and a 1,400-spot multi-level parking facility for commuters.
Honeycombes Property Group managing director Peter Honeycombe said reaching the "starting line" of the Ferny Grove Central project days after the Olympics announcement made the milestone even sweeter.
"While the Ferny Grove Central project has been seven years in the planning, it is immensely rewarding to finally get to the starting line and to start construction on the project today," he said.
"It's somewhat symbolic that it comes within days of Brisbane being announced as the 2032 Olympics host city with the opportunity to showcase our city and region to the world."
The build contract for the project - a joint venture between Honeycombes Property Group and real estate investment firm MaxCap Group - was handed to Broad Construction, a Perth-based subsidiary of CPB Contractors and part of CIMIC Group (ASX: CIM), in March this year.
CPB has been involved with a number of high-profile works in Queensland, including for the Brisbane State High School, the Brisbane City retail and commercial developments at 155 and 170 Queen Street Mall, and the Kingaroy Hospital.
Honeycombes Property has today detailed plans for the area's residential hub, saying it will comprise of 82 luxury apartments (featuring one, two and three-bedroom units) and a recreational deck for residents. The precinct is also set to include improved pedestrian and cyclist connections.
"We see this as a very important urban renewal project for Ferny Grove and for Brisbane's north-west and we're passionate about projects that breathe new life into communities and that create a neighbourhood village atmosphere with all modern amenities that people want," Honeycombe said.
"We have already received a high level of unprecedented interest from the local market, highlighting the level of demand for both residential apartments and retail opportunities and with construction now commencing we believe that will quickly accelerate interest in both sectors."
Local retailers, too, have snapped up spots in the precinct. Supermarket giant Woolworths and liquor chain Dan Murphy's have signed up as anchor tenants, along with a Goodlife Health Club, Goodstart Early Learning Childcare centre and Cinebar Ferny Grove.
The launch was attended by a host of Federal and State MPs, including Minister for Defence Peter Dutton and Queensland Transport and Main Roads Minister Mark Bailey. The Queensland Government has so far chipped in $9 million to the project while the Federal Government has contributed $11 million under the Urban Congestion Fund.
"This project brings to 66 the total number of Urban Congestion Fund projects around Australia that are completed or underway. A further 50 are expected to start construction this year," said Federal Minister for Communications, Urban Infrastructure, Cities and the Arts Paul Fletcher.
"This is just the latest example of us delivering on our commitment to progress critical infrastructure projects across the country under our record $110 billion, 10-year infrastructure investment pipeline, which is helping to drive Australia's world-leading economic recovery."
With more than 800 full time jobs supported by the development, including about 285 directly tied to the construction project, Queensland Transport and Main Roads Minister Mark Bailey said the project would provide significant community benefits in terms of jobs.
"As we focus on economic recovery from Queensland's strong COVID-19 response, jointly-funded projects like this provide significant community benefits and local construction jobs," Minister Bailey said.
"Building better infrastructure for local communities and commuters is a focus of Queensland's $27.5 billion pipeline of road and transport upgrades."
Construction of Ferny Grove Central is expected to take 28 months.
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