Melbourne-developer ICD Property is planning its next major project, a 56-storey tower in Sydney to take advantage of the city’s new business district.
The $157-million joint-venture project with Belingbak comprises 304 hotel rooms, 28 apartments and ground floor retail for the site at 372-374 Pitt Street.
The tower is ICD’s second project in Sydney after the City Tattersalls Club redevelopment, also on Pitt Street.
The concept plans by Woods Bagot would be built across a 1140sq m site, replacing three-storey commercial terraces.
Belingbak, a new Sydney-based developer with projects in Surry Hills and Byron Bay, amalgamated six lots for the development.
ICD managing director Matthew Khoo said they lodged plans for the 195.5m tower with the City of Sydney just before Christmas and were confident it would be supported.
“Hotels aren’t the flavour of the month right now from a short-term development perspective but we will see, in the long term, that Sydney and Australia are going to come up really well,” Khoo said.
“We’re noticing a shift southward towards central [station] with the tech hub.
“There is a need for more hotels to service that business district that is being created.”
The tower adds to ICD’s development portfolio that includes Aspire Melbourne, Adelaide Market Square and Federal Street Auckland.
The Pitt Street is undergoing major development including a new station and over station development by Oxford Properties Group.
Mirvac is working on a $1.5-billion commercial precinct including an office tower at 55 Pitt Street.
Last year, Han’s Group also gained approval for twin 80-storey skyscrapers containing 592 apartments and 158 hotel rooms at 338 Pitt Street.