Limitless is halving the number of apartments planned for The Cullen in the heart of a 2032 Olympic Games precinct to create a hotel offering.
The Brisbane-based developer changed up its plans filed with Economic Development Queensland for the 1382sq m site at 5 Hercules Street at Hamilton to include a hotel and residences in what Limitless owner Nick Barr said was a gap in the market.
Original plans for the site comprised a 24-storey, 100-apartment tower and rooftop space with podium carparking. The revised plans designed by Plus Architecture include a 124-key hotel and 50 apartments.
“We’ve changed the scheme to a hotel with residential above,” Barr told The Urban Developer.
“There’s not a branded hotel in the area and we think this is an opportunity.
“The residents will have the option of buying into the services offered as part of the hotel.”
Barr said he also wanted to “reduce some of the load on carparking”, which is housed in the tower’s podium.
Plans are for 91 carparking spaces on levels 1-3 with 811sq m of communal open space, most of which is on level 4 of the podium, which comprises an indoor gym, lounge, meeting rooms, a function room, restaurant, pool and outdoor dining area.
Portside will be part of the Olympic Games precinct where the Athletes Village will be built.
Barr said the apartments comprised a mix of one and two-bedroom homes on the lower levels with three and four-bedroom offerings on the upper levels as well as penthouses.
The residential component of the building is targeting affluent downsizers in Ascot and Hamilton looking to remain in the area.
“Looking at what Mirvac has done at the racecourse in the downsizer market, it’s clear there is pent-up demand for that type of product,” he said.
Levels 13-23 will comprise 50 apartments, including 11 one-bedroom apartments, 30 two-bedroom, and nine three-bedroom apartments, all with private balconies connecting main living areas overlooking Hercules and Main Streets.
Last year Brookfield revealed plans for its first build-to-rent development in Australia at Portside, while it was also investing heavily in the retail and restaurant precinct.
Two Fender Katsalidis-designed towers will rise to 23 storeys and will be set on opposing diagonals to maximise views for residents under the proposal while minimising visual bulk on the site at 11-23 Macarthur Avenue, which is the carpark and former cruise ship terminal check-in building.
The area is earmarked for rapid development as the state government looks to get work under way on the Olympic and Paralympic Games athletes village and associated infrastructure across the city.