Why Tim Gurner chose Collingwood's Smith Street, the world's coolest street
Smith Street, the edgy Collingwood strip of food joints and bars, was recently named the coolest street in the world in a poll by the entertainment and exploration guide, Time Out.
It beat out the likes of London's South Bank on the River Thames and the famous Sunset Boulevard strip in LA.
But the street wasn't always the go-to hangout for Melbourne's inner residents.
Developer Tim Gurner, who leads the residential development firm Gurner, said people thought they were crazy when launching projects just off Smith Street around 14 years ago, long before it had taken off.
"I remember our first display suite kept getting broken into and the TVs and electrical equipment would get stolen," Gurner recalled.
"But I just fell in love with the incredible heritage buildings and warehouses and felt that gentrification would change the face of the area and attract the young professionals that would eventually lead to all the best restaurants, bars, shops and then eventually more demand."
He said one of the things he looks for when deciding on where the develop a project is the area's 'cool factor'.
"Have the artists and creators moved into an area? Are new restaurants opening up? Does the area tell a story? If the answers are yes, I know culturally the area is set for a massive resurgence and know that’s where we should be looking for sites, so that we can play a role in that cultural regeneration."
Of course the rich-lister developer goes in to each development knowing that that data is crucial, with rental vacancy rates, walkability scores, and median price points analysed.
But Gurner says that he also needs to personally love the area.
"I need to feel like it's somewhere I could imagine myself living," Gurner says.
"Often when I’ve walked around streets of areas we are looking at, it’s reminded me of places I’ve been to in New York, Brooklyn or LA. That’s when I know we are onto something really exciting and we often end up developing multiple projects there over many years.
Gurner's latest development on Smith Street is E.S Smith, the contemporary, New York-style development of 41 apartments.
"I think E.S Smith is my 17th project within a two kilometre radius, so you can tell I really love the area and believe in it on a much deeper level than data alone."
The design by Warren and Mahoney Architects draws inspiration from private clubs in New York's hip borough Brooklyn. Completion is slated for early 2023.
"Collingwood has a distinct NY Meatpacking feel to it so we wanted to celebrate that with our projects, rather than compete with it," Gurner says.
The development will see the 100 year old facade retained at street level, where there will be retail space.
Gurner says Smith Street has so many incredible heritage buildings still intact from the Foy & Gibson era so we were really keen to be able to play a part in another project with historic appeal.
"E.S Smith is our latest development on Smith Street and it ticked all the boxes for us – a heritage façade surrounded by all the best restaurants and cultural elements. We knew this was going to be something special."
Gurner says it was well foreseen that Smith Street was going to take off.
"Collingwood and Smith Street in particular are so close to LU Simon, which is one of this city’s most prestigious suburbs, so I knew some of that demand would soon start to be reflected in the surrounding areas.
"Collingwood and Fitzroy have seen the progressive transformation of so many key streets from Gertrude Street and Cambridge Street through to Brunswick and Johnston Streets, so Smith Street was the natural next step of this gentrification process."