A proposal to build Sydney's tallest residential building as part of a $1 billion redevelopment on George Street has won the backing of the City of Sydney.
On a 4,308sq m site currently occupied by a 6-storey Event Cinemas complex, the new 270 metre tower will reach 80-storeys.
The skyscraper, proposed by proposed by Coombes Property Group, will yield 507 apartments across a mix of studio, one, two and three-bedroom apartments with eight levels of basement car parking.
The Sydney-based developer and investor took over the 505-523 George Street site in 2014 after acquiring it for $85 million from Challenger Financial Services.
Coombes entered into joint venture partnership with Mirvac before securing approval to amend the 150-metre height limit allowed on the site the following year.
Mirvac will head up development of the skyscraper, which will cost roughly $700 million, while Coombes will retain ownership of the tower.
The scheme, designed by German firm Ingenhoven and Architectus, will deliver 65,000sq m of gross floor area and sit atop a podium incorporating several levels of retail, a serviced apartment lobby and residential lobby.
The developers have also planned for the provision of community benefits including two childcare centres and a community meeting facility.
Coombes Property Group director Michael Coombes said the project has the potential to redefine Sydney’s mid-city precinct and help restore George Street as the focal point of the city centre.
“Its delivery will signal the resurgence of Sydney’s mid-town, revitalising the historic precinct which includes the adjacent Town Hall complex, and bringing it back into line with nearby Darling Harbour and Circular Quay.”
Construction on the tower is expected to take approximately five years to complete with a commencement date unannounced.
City counsellors are also considering signing off on ASX-listed hospitality giant Event Hospitality and Entertainment's neighbouring ultra-slim $225 million apartment and hotel tower will.
The 43-storey apartment and hotel tower set to rise 150-metres at 525 George Street will feature 12 levels of residential, 22 hotel levels and a new cinema and retail facilities in the ground floor and podium levels.
The Candalepas-designed tower will sit on a 1,858sq m site currently occupied by an existing Event Cinemas complex.
Event also has plans for a site at 458-472 George Street which will include a mixed-use building of up to 30 storeys that would include an 72 hotel rooms, ground-floor retail and a commercial office tower.
Event said the proposed tower would incorporate a new 450-room Atura Hotel as well as a seven-screen cinema complex and 72 apartments.