Construction begins at Azzura's $2.3 billion Southport project Imperial Square
Azzura have kicked off construction at their $2.3 billion Imperial Square project on the Gold Coast's Southport.
Gold Coast Mayor Tom Tate turned the sod alongside Azzura founder and chief executive Robert Badalotti.
The $155 million first stage, to be built by the local construction company Descon Group Australia, will see the residential arm of Imperial Square, known as Regal Residences, soar 18 levels on the 1.34 hectare site at the corner of Meron Street and Ferry Road.
The 4.5 star hotel with 200 hotel rooms will also be part of the first stage.
Already around half of the 145 apartments in Regal Residences have sold, with Azzura's sales director Jason Paris pinning the strong sales on the pent-up demand for new product in the city’s CBD hub.
Regal Residences Imperial Square
“Regal Residences represents incredible value with apartments selling for an average of $6000 per square metre, which is a third of the selling price of some beachfront locations on the Coast,” he said.
Regal Residences will also include a range of commercial spaces on completion, rooftop bars, and amenities such as rooftop infinity pool, steam room, sauna, gymnasium, spas, zen garden, BBQ and a residents lounge.
The Imperial Tower, which will rise 108 storeys, will be Australasia’s tallest building. It will be flanked by Monarch Place, a 54-level spiral tower.
Mayor Tom Tate said Azzura’s landmark project was aligned perfectly with his “upwards rather the outwards” approach to future development on the Gold Coast.
Regal Residences Imperial Square
“The only way is up for the sustainable future of our city,” he said. “We must plan for higher density along our key public transport corridors," Mr Tate said.
“By building up, not out, means people can live where they want to, access public transport at their door and still enjoy the lifestyle and primary attractions that bring people to the coast — our beaches and open space."