DEVELOPER Azzura has launched the first stage of the $2.3 billion Imperial Square mixed-use tower that will rise 108 storeys above the Gold Coast skyline and become Australia’s tallest residential building.
Saturday saw 145 one, two and three bedroom luxury residential apartments, known as Regal Residences, open to the market, launching of the first shovel ready project in the city since the easing of COVID-19 restrictions.
The Southport project will be rolled out over four stages on a 1.34 hectare site at 59-73 Meron St, currently occupied by Azzura’s Mercato on Ferry retail-commercial development.
Regal Residences will total 18 levels and include two rooftop penthouses and a four and a half star hotel with 200 suites. Future stages to be rolled out include the 48-level Monarch Place, the 68-level Imperial Tower, and The Majesty which will soar 108 levels and become Australia’s tallest residential tower.
The completed project will offer around 1,600 dwellings as well as 40,000 sqm of commercial and retail space, and atrium bar and restaurants, a rooftop infinity edge pool, sauna, steam room, gym, BBQ facilities, outdoor dining, and an executive lounge and views of the Gold Coast and the Pacific Ocean. An estimated 3,000 full-time construction jobs will be created over the course of the entire construction program, and 2600 full-time jobs through the hotel, residential, commercial, retail, health and entertainment precinct.
Construction on the first stage of Imperial Square will commence in October this year.
Chief executive of Azzura, Robert Badalotti, said Azzura had taken a strategic approach to develop the project in stages over a number of years.
Azzura’s sales and marketing director, Julian Sutherland said a project of this scale, “with residential, retail and commercial offerings, creates a depth of interest from a local community level all the way through to property buyers, large-scale organisations and major investors”.
Almost $300 million in infrastructure spending in Southport either planned, under construction or completed within the last 12 months, according to Urbis.
Recently completed projects include the $2.5 billion stages one and two of the Gold Coast light rail, the $1.76 billion Gold Coast Hospital, and the $550 million Smith Collective build to rent project at the 2018 Commonwealth Games athletes village.
Azzura’s portfolio includes the Mantra Wings and Wyndham resorts in Surfers Paradise and the Azzura Greens Resort in Hope Island.