Dexus bids to deliver Brisbane a new Waterfront Precinct
Waterfront urban renewal is on the agenda at Brisbane's Eagle Street Pier as plans to transform the immediate area into a pedestrian friendly precinct gather momentum.
Dexus Property Group is actively supporting the project which would see the mixed-use precinct created, underpinned by two new towers and an overhaul of the area's public realm. 1.5 hectares of enhanced and accessible public and riverfront open space is expected under the Waterfront Precinct plan, which effectively covers a group of buildings already owner by the property outfit.
With support from the State Government and Brisbane City Council, a section of Eagle Street would removed from the corner of Market Street to the corner of Charlotte Street, in order to provide ample area for two major towers.
It's expected the removal of vehicles from this stretch of Eagle Street would also deliver 7-day a week activation by way of increased amenities, retail and restaurant options for the precinct.
The Palaszczuk Government's nod will see Dexus progress Waterfront Precinct to the next stage of design and consultation.
Being a private sector initiative seeking an exclusive commercial arrangement with government, Waterfront Precinct will adhere to the Queensland Government’s Market-Led Proposal (MLP) structure. The proposal as of late last week progressed to Stage 2, where the project's overall feasibility will determined.
Should this project reach final approval, this will be a city-shaping development – a world-class mixed-use riverside precinct with public space at its heart. Our government is supporting this proposal because we support jobs, and this project would represent a $1.4 billion investment in Brisbane with the potential to support around 740 jobs per annum over the life of construction.
This proposal isn’t without complexities, but we know we need this sort of investment to grow jobs for Queenslanders.
Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick
Brisbane City Council Lord Mayor Graham Quirk also threw Council's supportive behind the proposal.
Eagle Street Pier was built in 1989, encouraging the establishment of a riverfront dining and entertainment precinct.
Maintaining a high degree of public usage thereafter will see the intended Waterfront Precinct development go through a round of community consultation slated to commence almost immediately and run through to September. Among other aspects the consultation process will allow the public to put forward ideas for the precinct.
The optimal project timeline has Dexus capable of moving Waterfront Precinct to construction during 2020. Staged for the purpose of minimising disruption to neighbours and the wider community, construction would span 6 years and potentially yield one of Brisbane's tallest buildings.