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Victoria Rejects Crown’s Request to Delay the Start of Construction of One Queensbridge

Crown’s request to delay the start of construction of One Queensbridge rejected by the government of Victoria

Crown Resorts’ project for the construction of Australia’s tallest building hit another setback as the company received an informal notice that its request to delay the start of development was turned down.

Crown said in a statement from earlier today that it is now looking at its options for the planned skyscraper.

The government of Victoria approved in February 2017 Crown’s plan for the development of the One Queensbridge hotel and apartment tower in Melbourne at the company’s existing casino resort. Many criticized the government’s decision to greenlight the project, but Premier Daniel Andrews justified its approval by saying that it was of “state significance.”

Crown plans to develop the tower through a joint venture with partner Schiavello Group. The two companies applied last month for a planning extension with the Victorian government while they were trying to secure the necessary financing.

Their request to have their two-year approval timeline extended arrived as the nation’s property market is losing its mojo. Melbourne and Sydney comprise nearly 60% of Australia’s real estate market by value. Crown plans to build a A$2-billion integrated resort on the Sydney waterfront, as well.

The hotel and casino operator said earlier today that it has received an informal notice about its request to delay the start of construction of its planned Melbourne tower and expects to receive a formal notice soon.

The Tallest Building in Australia

The 323-meter, 90-story One Queensbridge tower will be Australia’s tallest building when and if constructed, topping Q1 in Surfers Paradise. Crown said that the Melbourne project would be among those it would focus its attention on after it departed from Macau in 2017.

The company and its partner plan to invest nearly A$1.8 billion in the development of One Queensbridge. However, Crown said in today’s statement that funding arrangements with the Schiavello Group could not be reached before the set construction commencement date.

It is now unclear when construction is set to begin, but according to initial projections, the tower will take five to six year to be completed and become fully operational. With more than 300,000 square meters of planned floor area, One Queensbridge will be one of Australia’s largest single-building development projects.

Crown has also promised to plough more than A$100 million for upgrades at the nearby Queensbridge Square and Sandridge Bridge as well as for road improvements.

Last month, the hotel and casino operator reported a considerable slowdown in its half-year profit growth, blaming it on the sharp withdrawal of Chinese visitors at its properties.

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The post Victoria Rejects Crown’s Request to Delay the Start of Construction of One Queensbridge appeared first on Casino News Daily.

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