The Queensland Investment Corporation will shape Brisbane’s Cross River Rail masterplans after being appointed as precinct developer.
The state-owned company will develop the land above the Roma Street, Boggo Road, Woolloongabba and Albert Street stations.
The stations will play a key role in the 2032 Olympics with their precincts strategically located near major venues, including The Gabba and Brisbane Arena.
QIC global real estate managing director Michael O’Brien said they were proud to take on the role.
“This is an unprecedented opportunity for QIC to work with the Queensland government, Cross River Rail Development Authority and EDQ to refine the masterplans for the above-ground sites with the goal of providing Brisbane with connected city-shaping lifestyle, residential and commercial precincts,” O’Brien said.
Lendlease investment boss Kylie Rampa was recently named as the new chief executive of QIC and will begin in the role in April, 2022, replacing outgoing boss Damien Frawley.
The Cross River Rail Delivery Authority remains responsible for the underground tunnels, stations and rail works.
Development of the precincts will commence once construction of the tunnel, rail and station infrastructure is complete, which is expected in 2023 and 2024.
Recently Cross River Rail unveiled the Roma Street Station priority development area scheme which included the addition of five residential towers on Parkland Boulevard between College Road and the busway.
The scheme showed 10 per cent of the residential developments in the area would have three bedrooms or more and that there would also be a 10 per cent affordable or social housing component.
It also included provisions for a new indoor arena for the Olympics that is likely to host swimming and waterpolo, upgraded pedestrian connections, a hectare of new land for community uses and protection of the existing 11ha parkland.