AN ambitious theatre development proposal that is estimated to produce $350 million a year in tourist spend is a step closer after a ‘positive’ meeting between its developers and State Government.
The proposed $195 million Pacific Theatre Complex at the Spit is the brainchild of West End Theatre Management general manager Leonard Lee.
According to Lee, an offshore financier will commit $200 million of funding for the project, but says he can’t secure the funds until approvals are obtained by council for the land.
“At this stage we can’t disclose who the financier is, but it is an organisation that is very well known to the government,” he says.
“The outcome of the meeting was very positive. But if the government doesn’t take up the offer for the funding to make this happen, they must have rocks in their heads.
“We’ve had the figure ($350M) looked over by our lawyers, accountants and Gold Coast Tourism.”
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