The first residential tower project approved to be built in Runaway Bay at the northern end of the Gold Coast in more than 30 years has been shelved.
Developer Monaco Property Group has scrapped its $130-million Belvue Broadwater development, joining a growing list of stalled projects.
It is understood the decision was made due to rises in construction costs, shortage of skilled labour, and reduced builder appetite for high-rise projects as well as overall market volatility and uncertainty.
Despite the developer reportedly inking contracts for more than half its 31 whole-floor apartments—priced off-the-plan from $3.545 million—the project was deemed no longer viable given the prevailing challenges.
Monaco Property Group partners Jonathan Grasso and Jay McPhee have said they plan to landbank the 3116sq m site at 13-15 Bayview Street for future development.
Earmarked for a 20m-wide parcel fronting the Southport Broadwater, the “skinny” tower proposal was given the green light in February and construction was scheduled to start in the second to third quarter of this year.
It was initially lodged with the Gold Coast City Council in October, 2021.
The original scheme was knocked back in April 2022 on several grounds, including its “overbearing perception of bulk due to its reduced setbacks and proximity to surrounding buildings”.
But the developer appealed the decision, deeming the refusal to be “erroneous, unreasonable and unlawful”. After negotiations with the council, the project was subsequently given the go ahead.
Runaway Bay’s development history dates back to the 1970s and it set the benchmark for waterfront apartment living on the Gold Coast in the 1980s and 1990s.
Plus Architecture’s design for the planned tower featured a curved form to “reflect the ebb and flow of the ocean”. It also comprised three detached tri-level villas as well as resident amenities including two swimming pools, hotel-style poolside and waterfront daybeds and cabanas, a swim-up bar, barbecue pavilion, gymnasium, sauna and steam room.
Grasso and McPhee are now pushing ahead with their other Gold Coast venture—the $100-million-plus Capri Villas townhouse project at the Isle of Capri.
On a 1.2ha site with dual street frontages, the gated community will comprise 48 high-end villas with resort-style amenities.
