Gold Coast developer Azzura Investments has secured draft development approval for the second stage of its $3.1 billion Imperial Square development in Southport, paving the way for a start to construction following the expected completion of the first stage later this year.
The $500 million Monarch Place, a 40-level tower that will include an exclusive vertical village for retirees, was granted draft DA approval by the City of Gold Coast last week, according to a LinkeIn post by Azzura Investments founder and CEO Roberto Badalotti.
Located within Southport’s designated Priority Development Area (PDA), Imperial Square comprises four stages that in future will include the 68-level Imperial Tower and The Majesty, which will rise 108 levels and become Australia’s tallest residential tower.
Imperial Square will ultimately deliver around 1,600 dwellings and up to 40,000sqm of commercial and retail space for residents.
"In an unprecedented move, Azzura Investments embarks on (its) most significant development in the history of Southport CBD, a project with a book value of a staggering $3.1 billion," Badalotti says in his LinkeIn post.
“This groundbreaking achievement sets the stage for the construction of Monarch Place, a testament to Azzura Investments’ commitment to delivering what the community needs at the most appropriate levels of affordability and luxury living.
“With the government declaring Southport as the undisputed CBD of Gold Coast, the stage is set for Imperial Square, the pinnacle of modern urban living, to become a shining beacon of prosperity and sophistication.
“This monumental endeavor has gained immense recognition, captivating the attention of not only new residents but also retirees seeking a vibrant and fulfilling lifestyle.”
The first stage of Imperial Square – the 18-storey Regal Residences which comprises 145 apartments and a 4.5-star hotel with 200 suites - is currently under construction and expected to be completed by the end of this year.
The developer is planning to start construction of Monarch Place after the first stage is completed, with Azzura planning to follow this up with the 108-storey tower as the third stage.
Monarch Place will deliver 223 apartments, with 140 of these dedicated to a vertical retiree-village concept designed to provide exclusive amenities for residents including a grand ballroom, gymnasium, sauna, heated indoor pool and spa, a hairdressing salon and beauty parlour, cinema, golf simulator, art and craft studio, library, and residents' workshop.
Residents will also have access to a dedicated music room, games and entertainment rooms, consulting rooms, boardroom, plus a commercial-grade kitchen and dining area with a bar and coffee lounge.
Monarch Place will also deliver a hotel-tavern and restaurants on level 6 which will be complemented by resident barbecue facilities alongside an outdoor ‘kabana lagoon’ pool.
The remaining 83 apartments planned for Monarch Place will be freehold residences that Azzura Investments says will be among the largest available in the Southport market.
The four-tower Imperial Square project is taking shape on a 1.4ha site on the corner of Ferry Road and Meron Street in Southport, a property that has been owned by Badalotti for the past 20 years and which currently houses the Mercato on Ferry retail-commercial building.
Badalotti, the low-profile developer behind the Wyndham Hotel, Mantra Wings Resort and Azzura Greens Resort on the Gold Coast and who is currently developing 600 apartments in the WA port city of South Hedland, was inspired to develop Imperial Square on the Mercato site following Southport’s designation as a PDA by the Queensland Government a decade ago. PDA designation provides extensive development flexibility including unlimited height limits in key nodes within the designated area.
Azzura Investments has designed Imperial Square to be a self-sufficient community that Badalotti envisages will see residents do away with cars for their daily needs as the project will eventually incorporate extensive retail and medical facilities on site.
“The commercial spaces can also contribute to the overall aesthetics and design of Imperial Square,” Badalotti says.
“Well-designed storefronts and public spaces create an inviting atmosphere, making the development an attractive place to live and visit. This can instill a sense of pride among residents and contribute to a positive community image.
“Overall, by incorporating commercial spaces, Imperial Square enhances the convenience, economic opportunities, social experiences, and overall attractiveness of the community, thereby improving the overall quality of life for its residents.”
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