An apartment masterplan proposed by Brisbane-based developer Christopher Zenonos has been approved by the Ipswich City Council.
The complex, The Terrace, comprises two nine-storey and two 11-storey buildings for a total of 31,000sq m of gross floor area.
Minor amendments were made to the proposals after it was filed in November 2022 and the council approved an increase in apartments from 293 to 303.
The project, designed by Mode Design, has been on the cards for some time—two of the project sites, 35 and 37 Lowry Street, were acquired by Zenonos back in 2016 for $940,000.
The proposal covers an amalgamated site made up of the Lowry Street properties plus 2-6 Pelican Street and 27-30 The Terrace, North Ipswich.
Given the project site near the Bremer River and the flood events in the city in recent years, basement levels include a void to maintain flood storage volumes and ensure flood immunity for residents.
According to planners Mewling Planning Consultancy, which put the proposal together for Zenonos’ North Ipswich Developments Pty Ltd vehicle, the project is now being considered for innovative affordable housing grant through the Queensland government’s Housing Investment Fund.
The fund was doubled to $2 billion last year after the Housing Summit.
One of the first projects to be delivered through the initiative is Brisbane Housing Company’s Chermside residential development, one of a host of projects the developer is undertaking in the city.
Ipswich has been identified as a hotspot for growth and is reportedly the fastest growing region in Queensland with a median age of 32.
Ipswich is preparing to welcome another 330,000 residents by 2041.
Article source: Queensland Property Investor
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