Schiavello Group teams with Crown Resorts on Southbank site
James Packer’s Crown Resorts has paid $50 million for an interest in a development site opposite its Melbourne casino complex.
The joint venture will be with the Melbourne property developer Schiavello Group.
The site is four adjoining parcels of land in Queensbridge Street, Southbank.
Crown and the Schiavello Group are in the process of negotiating joint venture arrangements and finalising designs to develop and construct a new luxury five-star hotel and apartment complex.
It has been agreed in principle that Crown has the right to acquire and manage the hotel on completion and that the Schiavello Group has the right to acquire an office and showroom area within the complex.
The parties will share the 600 apartment development 50:50, Schiavello Group chairman Tony Schiavello said.
"This is an extremely exciting partnership and iconic Melbourne project which follows the soon to be completed Prima Tower and Abode Apartment projects," he said.
