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    All systems go for $140m apartment project


    All systems go for $140m apartment project


    DEVELOPER George Mastrocostas has reached a compromise over his $140 million Hope Island apartment project after taking Gold Coast City Council to court.

    The council partly approved the project just before Christmas, on condition two storeys containing 60 apartments were cut from the plans, slated for 1 Grant Ave, Hope Island.

    At the time, Mr Mastrocostas said he had been “blindsided” by the council’s move to place new conditions on a project that was “code assessable” meaning it complied with the Town Planning Scheme.

    Through his company HI Property Holdings 1, Mr Mastrocostas challenged the council’s part approval in the Planning and Environment Court, saying it was unlawful to require 60 apartments be removed. However the developer and council were able to strike an agreement in mediation which will see 30 apartments removed instead, meaning the development will have 210 apartments.

    Mr Mastrocostas said there was demand for affordable quality residences in soughtafter areas and plans to launch the project in coming weeks through his Aniko Group.

    “We focus on strategic site acquisitions which give us a great deal of flexibility and leverage to deliver a development that doesn’t compromise on quality.” –George Mastrocostas

    “Our research also shows that lifestyle is paramount to buyers, even to investors, and this will be reflected in the resort-style amenities that will be included for residents and their guests to enjoy.”

    Because the application was deemed code assessable, it also did not require public submissions be taken into account, but 56 locals had already written to the council opposing it.

    The council said the condition to remove apartments was “imposed for the purpose of reducing the density of the proposal”.

    Aniko’s last project, Three72 Marine at Labrador, sold out within six months and well ahead of construction completion.


    Originally published by Gold Coast Bulletin
    Article by Kathleen Skene, March 14, 2019

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