Three hectares of inner-west industrial land will be cleared for Deicorp’s $1.8-billion precinct—the first private project approved under NSW’s major renewal program.
State Significant Development approval has been granted for Kings Bay Village by the NSW Department of Planning, Housing and Infrastructure (DPHI).
The six-building scheme ay Five Dock is the first large-scale private project to progress under the Parramatta Road Corridor strategy—one of the state’s key urban renewal initiatives.
Rising from nine to 31 storeys, the precinct will deliver 1185 apartments—including 218 affordable homes—meeting more than 23 per cent of the City of Canada Bay’s 2029 target of 5000 new homes.
Plans also include 14,700sq m of retail and commercial space, 6500sq m of public open space and more than $80 million in infrastructure upgrades, including road improvements and new green links.
Turner Studio designed the buildings with a mix of one, two and three-bedroom apartments.
Fifteen per cent of apartments will be kept affordable for at least 15 years and another 4 per cent delivered permanently or offset via payment to the council.
Building heights were found to comply with planning rules, with minor rooftop overruns limited to plant and screening.
Overshadowing impacts were deemed acceptable and the scale consistent with the precinct’s intended character.
The Canada Bay Council had raised concerns around building bulk, traffic and street-level activation.
During public exhibition, the proposal drew 33 objections, with residents citing height, transport capacity, green space and amenity impacts.
In response, Deicorp reduced the height of five buildings, reworked roof forms and confirmed a right-turn bay on William Street.
Deicorp chairman Fouad Deiri said the project would help ease housing pressure and transform the ageing industrial site into a walkable, mixed-use community.
The site was assembled over more than two decades by the Dodaro and Drivas families—long-time players in property, law and hospitality in the region.
It had been a patchwork of lowrise warehouses and industrial tenancies before Deicorp acquired it in 2023 for a reported $260 million.
The Dodaros were led by lawyer and former Raine & Horne franchisee Robert Dodaro, the Drivas side included developers George and Dimitri Drivas.
Construction will proceed in stages, beginning with bulk excavation, civil works and the Spencer Street extension.
According to DPHI, the project will deliver $801 million in investment, 6758 construction jobs and 201 ongoing roles.
Deicorp has delivered more than 12,000 apartments across 40 Sydney suburbs since it formed in 1999, and holds a pipeline of projects worth about $3 billion still to hit the market this year.
