Leighton, Mirvac get green light for first phase of $1.7B green business centre

Leighton Properties and Mirvac will work with the NSW government’s land development corporation, Landcom, to co-develop six hectares of the town centre. Construction is set to begin in 2010.Landcom said that despite the current economic climate, three tenders were received from world-class consortiums: Lend Lease, Mirvac/Leighton Properties and Citta/Babcock & Brown.Landcom said the aim of the project as a whole was to develop 14 hectares of under-utilised land in the heart of the strategic CBD-Airport corridor.Approximately 45% of the land earmarked for the town centre, at the intersection of O’Riordan Street and Bourke Street in Zetland, is controlled by Landcom on behalf of the state government. The balance of the land is held by a small number of private parties. NSW Planning Minister Kristina Keneally said that upon completion the project would provide more than 2500 homes and offices for 7000 workers serviced by existing transport infrastructure. She said Mirvac/Leighton Properties would be responsible for partnering with Landcom to deliver nearly half of the total gross floor area of the future town centre. “The town centre will provide a mix of residential, retail and commercial development as well as the creation of public open space comparable in scale to Martin Place,” Keneally said. “It will promote the highest standards of environmental sustainability including an abundance of green open space.”Keneally said that by the year 2031, the entire 280ha Green Square Precinct was expected to house 28,000 residents and 22,000 employees. “The town centre will become the commercial, retail, transport and cultural hub for the wider Green Square Urban Renewal Area, which is the largest of its kind in Australia,” Keneally said. At the conclusion of Landcom’s negotiations with Mirvac/Leighton Properties and execution of a commercial contract, the Department of Planning will review the proposal to ensure it meets local environment plan objectives, particularly in the areas of sustainability and public infrastructure.

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