No doubt Adelaide-based developer Greaton is hoping it is third time lucky for its ambitious and troubled project The Ribbon in Sydney’s Darling Harbour.
The developer has cut a deal with Multiplex to complete construction of the $1-billion development, which began in 2016 and has been hit hard by the collapse of two builders.
The eye-catching curved building designed by Hassell sits between two elevated sections of the city’s Western Distributor motorway at the southern end of the waterfront precinct.
It includes the 585-room W Sydney hotel across 25 floors with rooftop pool deck, an IMAX theatre, retail space and 10,000sq m of renewed and enhanced public domain.
Work on the landmark 30-storey hotel-entertainment complex came to an abrupt halt in February with construction giant Probuild going into administration after its South African-based parent pulled the plug on its financial support.
It took over construction of Greaton’s flagship project in January 2021 following the fall of high profile Melbourne-based firm Grocon.
At the time, The Ribbon was 65 per cent complete with the hotel and retail precinct due to be finished by early to mid 2022.
The project was one of $5-billion worth of projects left in limbo by Probuild’s demise and one of several left behind when Sydney-based contractor Roberts Co picked up the pieces of six of its unfinished projects in Melbourne.
In a statement announcing the appointment of Multiplex, Greaton said construction of The Ribbon was “largely complete” with remaining works mostly relating to the internal fitout, along with some of the public domain contribution works.
It said workers were now getting back on the tools on the site.
Greaton project director Michael Calvi described the appointment of Multiplex as “a great outcome for one of Sydney’s most iconic buildings”.
“The Ribbon is one of the most complex new major developments currently underway in Sydney and occupies public land right on the harbour foreshore,” he said.
“Appointing a new builder has involved extensive consultation with our various stakeholders.
“Multiplex was the clear frontrunner in being able to put the finishing touches on such an important landmark for Darling Harbour and for Sydney.”
Calvi said Greaton was continuing to work with its top-tier subcontractor partners, including Buildcorp, for the interior fit-out works throughout the transition period.
Multiplex regional managing director David Ghannoum noted, “Multiplex built the original IMAX theatre some 25 years ago, and so it’s with great pride that we are supporting Greaton to bring this re-imagined project to fruition”.
Greaton has a portfolio that includes large-scale luxury residential projects, hotels and commercial developments throughout Australia worth more than $2 billion.
