SUNLAND Group's (ASX:SDG) $430 million Grace on Coronation project has been given the green light by Brisbane City Council.
The Neighbourhood Planning and Development Assessment Committee approved the proposal for three residential towers at Toowong.
Located at the former ABC headquarters, the project will deliver 555 units across two 24-level towers and one 27-level tower.
Renowned architect Dame Zaha Hadid created the concept, where each glass tower tapers to maximise ground space at the 1.5 hectare site.
It's Hadid's first Australian design, among a portfolio which includes Abu Dhabi Performing Arts Centre, Beijing New Airport Terminal and Beethoven Concert Hall in Germany.
Lord Mayor Graham Quirk says the development will provide community access to the riverfront, including heritage-listed Middenbury House.
"The three building project has enabled almost 60 per cent of the site to be publicly accessible with landscaped pathways, a connection to the Brisbane River frontage as well as protecting two heritage sited fig trees," Cr Quirk says.
"The local community wanted more open space and permanent public access to this site and that has been achieved by limiting it to three as opposed to five buildings that retain a total of 75 levels of residential accommodation that the applicant is entitled to under planning laws."
Council originally requested the site be used for parkland, with the Federal Government opting to sell it to the private sector for $20 million in 2009.
Cr Quirk says the design will breathe new life into the riverside location, which has been an "eyesore" since the ABC vacated in 2006.
"Grace on Coronation proposes a striking design which is certainly different in terms of its style to what this city has experienced before and there are differing views but it is certainly a one-off design and a unique feature for our city," he says.
Sunland's request for a right hand turn from Benson Street to Coronation Drive was denied, due to the "unacceptable" impact on traffic.A left turn lane will be added on the outbound Coronation Drive into Archer Street to reduce delays.
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