Tower Greenlit for Gold Coast’s ‘New Millionaires Row’

The green light has been given to a towering new addition along what is being dubbed the Gold Coast’s “new millionaires row” . Surfers Paradise’s Garfield Terrace is emerging as a new dunal dress circle—not of lowrise mansions like Mermaid Beach's Hedges Avenue but lofty, high-end full-floor and multi-floor apartments. Brisbane-based Frank Developments, led by Frank Licastro, has been granted approval for its second highrise along the oceanfront strip, which is undergoing a generational transformation. Ageing and rundown unit blocks dating back to the 1970s and 1980s are making way for a new era of taller and more luxurious towers. To be called Maya, the latest and largest addition so far to Licastro’s project pipeline will rise 37 storeys and comprise 57 apartments. The residential component will sit above a four-level podium, the top level of which is designed for communal space including a lap pool with daybeds, spa, cold plunges, a gym, sauna and massage rooms, outdoor cinema-pickleball court, private lounge and dining room, barbecue and bar facilities. The tower is earmarked for an 810sq m site across the road from Frank Developments’ under-construction, 25-level beachfront Mira tower, near the Northcliffe Surf Life Saving Club. “The developers along Garfield Terrace are really wanting to push the envelope of beachfront living,” Licastro told The Urban Developer . “So I do feel that it’ll be the new millionaires row. “It’s unique because it’s the only beachfront street between Surfers Paradise and Broadbeach. So it has attracted some big names and the land values seem to keep rising. I think the latest sale was nearly $37,000 per square metre.” ▲ A rendering of Frank Developments’ 37-storey Maya development approved for the Garfield Terrace site. One of those big names is horse racing titan John Camilleri, the billionaire breeder of champion mare Winx, who splashed more than $53 million on a tower-approved 1500sq m site at 75-79 Garfield Terrace. Construction of Frank Developments’ BYculprit-designed Maya tower at 62 Garfield Terrace is slated to begin before the end of this year. “We are now going straight into the detailed design phase and we should be looking to launch a sales campaign in the third and fourth quarter,” Licastro said. He is partnering again with cousin and builder Joe Licastro’s Signature Property Projects on the project. They initially teamed for Frank Development’s boutique four-storey Della Rosa project at inner-city Brisbane’s New Farm. The approved scheme includes a mix of 52 three-bedroom apartments—two per floor—across levels 5 to 30, with four full-floor, four-bedroom sub-penthouses occupying levels 31 to 34. Residents of the sub-penthouses also will share exclusive access to their own rooftop recreation terrace on level 37 featuring a private dining room, kitchen, pool, outdoor barbecue area and a private meeting room. Crowning the tower will be a double-level, four-bedroom penthouse, including its own private rooftop terrace with a pool, indoor dining area, gourmet kitchen and outdoor barbecue and entertaining space. ▲ The approved scheme for Frank Developments’ new addition to the Garfield Terrace strip includes 57 apartments above a four-level podium. On the ground floor, a commercial tenancy is planned for a high-end deli, artisan bakery and gelato shop. Mezzanine level work-from-home spaces also will be provided. Parking for 120 cars will be accommodated across the podium and four basement levels. The tower, with a 60m frontage facing Northcliffe beach, will also feature a podium “beach clock” that will be visible to beachgoers and surfers. “Maya is definitely a new benchmark for us in terms of scale and amenity, so we’re pretty excited to get started on the project,” Licastro said. Meanwhile, Frank Developments’ Mira project at 61 Garfield Terrace is coming out of the ground and due for completion early next year. Eight of its 12 multi-level apartments have sold off-the-plan and interstate buyers are circling the remaining upper-level units. “The demand is still out there for well thought-out stock and there’s definitely more depth in the market for that full-floor living type of product,” Licastro said. “But buyers have become a lot more selective and cautious with what they purchase off-the-plan, so it’s all about them seeing that you’re going to deliver the product and giving them as much as you can into a floorplate.”

Tower Greenlit for Gold Coast’s ‘New Millionaires Row’

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