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<p>The property industry, and specifically the office market, is undergoing the five stages of grief as the way we work changes forever.</p><p>New-York-based Dror Poleg, author of the award-winning and hugely influential <em>Rethinking Real Estate, </em>detailed where the sector is heading during his keynote presentation at<em> The Urban Developer’s</em> flagship conference Urbanity 23 at The Star Gold Coast.</p><p>An unconventional start for the final morning of the conference began with mentions of singer Adele, WeWork’s Adam Neumann and Poleg’s past as a Telstra call centre employee, but he predicted that the office market would need to undergo seismic changes to remain relevant to a changing workforce.</p><p>“Location remains important, but it’s now somewhere else. When they can work from anywhere, they work from home, not from where they used to work,” he told the audience.</p><p>Poleg compared what real estate is undergoing to the transformational changes that happened in the world of digital media and services in recent decades, and the likes of digital platforms such as Airbnb that had&nbsp; impacted real-world real estate.</p><p>“Real estate is also now going through this transition that digital media went through—it’s moving from a world of scarcity to a world of abundance and choice,” Poleg said.</p><p>“[So] what are the implications of all this to the physical and built world in general, and what can we do about it? It’s not all bad news, there are lots of opportunities to make money, enjoy yourselves and even to do good for the planet, your communities, your soul and yourself as well.”</p><h2><strong>The way we were</strong></h2><p><br>In the 1990s, theorists predicted that the rise of the internet would lead to the death of office culture, but it did not happen until much later, Poleg said.&nbsp;</p><p>“Back then, the opposite happened. The internet fuelled an urban comeback in the developing world. New cities were being built. Even places like London, New York, Paris, San Francisco—more people moved in instead of moving out.”&nbsp;</p><p>But things began to change as early as the 2010s.</p><p>“Even before Covid, there were already some signs that this theory [that the office market would remain strong] wasn’t really working.</p><p>“A lot of office markets were softening and were basically propped up by people like Adam Neumann, who took venture capital money and signed leases that didn’t make sense and kept those spaces empty.”&nbsp;</p><p>So, the writing was on the wall about the end of the office market, Poleg explained.</p><div id="7KpxfMABLG98ry2gTQ26El"><picture><img src="//images.ctfassets.net/8pr762qjocl3/29uzoDuM9cQw17brVu8ZSo/75b699d96cff228bbb96647c6aae4749/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/29uzoDuM9cQw17brVu8ZSo/75b699d96cff228bbb96647c6aae4749/1.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Covid was not the beginning of the end for the traditional office, Poleg says.<br><br></span></div></div><p>“In the US in 2019, just before Covid, half of all the uptake of office space came from companies like WeWork, flexible space operators. It was already in a recession or slowdown as far as offices were concerned.&nbsp;</p><p>“More importantly, there was a big wave starting in 2015, of the largest and most innovative companies starting to hire people from more locations, splitting headquarters into three, four five ... companies like Apple, Shopify, Facebook, etc.&nbsp;</p><p>“Back then it was easy to ignore this because people always had branches and offices. Multinational companies are not a new thing.</p><p>“And then the world sneezed.</p><p>“Suddenly within a couple of years, work from home reached unprecedented levels.”&nbsp;</p><h2><strong>Work from home revolution</strong></h2><p><br>Companies today are more remote and reliant on outsourced talent, from contractors to freelancers, and the digital frameworks that connect their increasingly virtual company structures.</p><p>“It’s not just about where the job is being done. The border of the company is less clearly defined and the larger the company, the less defined it is.”&nbsp;</p><p>This of course means that the office as we know it is transforming and will continue to do so, putting extra pressure on landlords, agents and developers of offices.</p><p>“In real estate, office landlords are going through five stages of real estate grief. They are saying that this remote thing is temporary, that everyone will come back in a &nbsp;week, a month, a year.</p><p>“Then it’s anger, forcing people to come back. Now companies and landlords are bargaining stage, offering free childcare, Ubers, to <em>please</em> come back.</p><p>“Some are already in the depression stage—let’s give the building back to the bank and complain. And then we’re slowly getting to acceptance.</p><div id="1NmQEUaAOaPtLxPEcke10N"><picture><img src="//images.ctfassets.net/8pr762qjocl3/NI2OWqHuTg9GAsxOJEifi/0ae500247e157857212b098ea2d2f8d4/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/NI2OWqHuTg9GAsxOJEifi/0ae500247e157857212b098ea2d2f8d4/2.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Opportunities are on the way, Poleg says.<br><br></span></div></div><p>“This story is presented as spoiled employees; that Millennials and Gen Z are not as ambitious and they don’t want to come to office. But actually the deeper driver is the demand for flexibility, which is first and foremost a corporate need in the 21st century even thought a lot don’t understand that yet.”&nbsp;</p><h2><strong>Out of the ashes</strong></h2><p><br>This is the stage of opportunity, Poleg said.</p><p>“Offices now have to change and become more flexible and do things they weren’t willing to do before.</p><p>“Some are reluctantly embracing it. And the slowdown in offices is causing a slowdown and confusion in all types of assets, from full service hotels, the location of housing, retail—that suburban retail, places that were given up for dead are suddenly booming, while central retail is now a disaster.”&nbsp;</p><div id="4dKhOgpHkSiD50OCeS0iAN"><picture><img src="//images.ctfassets.net/8pr762qjocl3/40MRfdtnO1K5w0afQBMnfD/9e48c1ed0ba352ef745a1f67f6258e9f/Mid_article_resizes__42_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/40MRfdtnO1K5w0afQBMnfD/9e48c1ed0ba352ef745a1f67f6258e9f/Mid_article_resizes__42_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Dror Poleg joined <em>The Urban Developer</em> founder Adam Di Marco at Urbanity 23 from New York. <br><br></span></div></div><p>This transformation will not continue on a linear path however, with artificial intelligence now being introduced to shake things up further.&nbsp;</p><p>“AI and remote working are a match made in heaven, as work becomes more asynchronous, we can ask AI to take on new tasks and responsibilities.”</p><p>This will fundamentally change how work is undertaken, and therefore the built environment which is attached.</p><p>“If I were to distill it into one sentence, instead of doing the same things better, we need to do different things.</p><p>“[We need to think about things like] how do investors limit your competitiveness? Maybe you have to do things now that people looking for regular dividends would not support you [with], maybe you need a different entity which is funded and financed differently, even if it means losing income.</p><p>“Invest in ventures and early-stage ideas, make more bets, even with smaller money, might learn something or get an advance view on something coming round the bend.</p><p>“We’re now moving from a game of Monopoly to a game of strategy.”</p>

Five stages of real estate grief as investors, developers and agents as property theorist and author Dror Poleg predicts offices will never be the same again… 

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<p>It is a dimensional shift in the property realm that is looming—not on the horizon but above our urban skylines.</p><p>And aside from some low-level strategic positioning by a few forward-thinking property players, nobody is shouting about it from the rooftops just yet.</p><p>In a little under 12 months, however, that will likely change.</p><p>Preparations are under way to offer the first commercial air taxi services using new zero-emissions flying technology at the 2024 Paris Olympics.</p><p>If all goes to plan, it will be the real world debut of the revolutionary aircraft known as eVTOLs—electric vertical take-off and landing aircraft.</p><p>And like the first manned hot air balloon flight in the French capital 241 years earlier, the giant step for advanced air mobility will further elevate the world’s gaze well beyond the ground plane.</p><p>For the property industry, the future opportunities are sky-high and will potentially come out of thin air—that is, building rooftops and the air space above them.</p><p>So-called vertiports for take-offs and landings will be key to commercially enabling the eVTOLs and there is even talk of the possible emergence of a new asset class of “sky plots”.</p><div id="7KuyuH4log4RX1JbOc5xeE"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6evBxslSuKjAWMsujcnL15/c7d5b701ee61595719fd3ba7211bf3fe/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6evBxslSuKjAWMsujcnL15/c7d5b701ee61595719fd3ba7211bf3fe/1.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Advocates are confident eVTOL air taxis will be operating for the Paris Olympics next year. <br><br></span></div></div><p>Melbourne-based Skyportz founder Clem Newton-Brown has seen the future.</p><p>In June, he attended the 54th International Paris Air Show and witnessed a flying demonstration of Germany’s Volocopter, which plans to offer a fleet of VoloCity flying taxis during next year’s Olympics and is hoping French president Emmanuel Macron will be the first passenger.</p><p>Volocopter’s two-seater model is so far the only certified aircraft in its fleet but it is working on having a five-seater approved.</p><p>“We are counting down the days to making electric air taxis a reality,” Volocopter chief executive Dirk Hoke declared at the Paris Air Show. “We are at the edge of the next revolution.”&nbsp;</p><p>Newton-Brown agrees.</p><p>“We’re past the tipping point now of ‘is this industry real’ and ‘is there such a thing as an electric flying taxi’,” Newton-Brown says.</p><p>“I've got no doubt that these aircraft will be flying commercially within the next year or two. Certainly, the Volocopter will be flying at the Paris Olympics next year.”</p><p>Five vertiports—each featuring passenger terminals, with one to three takeoff and landing pads—will be built for the Games with future plans to grow the network to cover the whole Paris region over the next decade.</p><p>Newton-Brown’s Skyportz is an air taxi infrastructure pioneer. It has secured “first options” on hundreds of strategic sites—largely in major centres across Australia's eastern seaboard—that will be potentially built out into a network of vertiports.</p><div id="2d0XPQR3Bc3UNLsMHM2wQu"><picture><img src="//images.ctfassets.net/8pr762qjocl3/45ObN30LjhGVzZDXvyO2z9/38fbcaf3599262fdc3164dc63e9f7ec9/3.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/45ObN30LjhGVzZDXvyO2z9/38fbcaf3599262fdc3164dc63e9f7ec9/3.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Clem Newton-Brown: We’re past the tipping point now of ‘is this industry real’ and ‘is there such a thing as an electric flying taxi’.<br><br></span></div></div><p>At the Paris Air Show, the company unveiled its latest design—an affordable ($100,000-plus) modular “vertiport-in-a-box” aluminium structure suitable for smaller sites—that can be incorporated into new developments or retrofitted into existing buildings.</p><p>“The key to this industry is breaking the nexus between aviation and airports,” Newton-Brown says. “And this is where the property industry holds the key … if we can get these aircraft to land in new places that's when you've got the revolution.”</p><p>From a property and infrastructure perspective, he compares the rise of urban air mobility to that of the mobile phone.</p><p>“I see this as a bit like when it became clear we needed mobile phone towers. There was lots of activity with people getting options on buildings to put towers on them.</p><p>“So, probably next year when the aircraft start flying I think the property industry will realise the benefits of being a first mover and we’ll see this happen.”</p><p>But even with eVTOLs on the cusp of taking flight commercially, he concedes: “Obviously, there’s still a long way to go”.</p><p>Initially, he says, the industry will utilise the existing infrastructure of airports and helipads. Then, the next phase in its evolution will be “the lower hanging fruit and safer options” at ground level in industrial and commercial areas.</p><div id="2FsB2WPDpLvS1kCjnhfPT3"><picture><img src="//images.ctfassets.net/8pr762qjocl3/15XlQUQ2Pd21OopzkiAqp5/ee5a3770a15379997bcd03c7c2a78f89/5.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/15XlQUQ2Pd21OopzkiAqp5/ee5a3770a15379997bcd03c7c2a78f89/5.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Air taxis such as Germany’s Volocopter are coming to a rooftop near you sooner than later, says those in the sector.<br><br></span></div></div><p>“Once the industry is proven, then inner-city rooftops will come into play … people will certainly be interested in getting options on suitable rooftops but I don't think they'll be activated until the industry is a bit more mature.</p><p>“Certainly, however, the opportunity is there for the property sector to have a new class of asset … you know, you wouldn't dream of putting in a helipad at a Bunnings or shopping centre but you might do it in the context of electric aviation.</p><p>“In terms of what the economics look like, it is hard to predict.</p><p>“But I could see a situation where shopping centres pay an eVTOL operator to establish vertiports at their sites to bring people in and out of their centres. And that then translates into higher rents for their investment.</p><p>“Similarly, I could also see industrial property charging higher rents if they can offer vertiport services for tenants.”</p><p>According to Avlaw Aviation Consulting managing director Amin Hamzavian, property developers were already looking to future-proof their new projects to cater for eVTOLs.</p><p>“There’s definitely people asking questions. We’ve had a few clients going through the process of lodging a DA and wanting to future-proof their asset, knowing that the building is going to be there for 30 or 40 years and at some point there’s going to be eVTOLs operating to and from rooftops.</p><p>“They want to allow for it on their site … but the reality is that there’s a massive trade-off at the moment because the certification standards and the performance data for the actual aircraft is just not available.</p><p>“And that obviously trickles down into the regulatory framework in terms of does a certain piece of infrastructure meet or comply with certain requirements?</p><div id="61rRJcRUJamqojBhwKXhCK"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2oxYKKRTRheXERqco0wbkO/5711e2ec236c7464c3eaf6c1a6e010ed/Mid_article_resizes.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2oxYKKRTRheXERqco0wbkO/5711e2ec236c7464c3eaf6c1a6e010ed/Mid_article_resizes.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of the “vertiport-in-a-box” Skyportz revealed at the Paris Air Show in June.<br><br></span></div></div><p>“The technological side of things is definitely there but it has outpaced the regulations.</p><p>“So it becomes very tricky to navigate unless someone's genuinely sacrificing, if you like, some short-term gains for possible long-term sort of gain.”</p><p>In the eyes of rooftop property specialist Warren Livesey, the only way is up for Australia’s cities and it is not just the impending advent of flying taxis shifting the market’s focus in that direction.</p><p>He estimates the air space above the nation’s strata-titled residential buildings is an untapped $100-billion-plus market.</p><p>Not only that, he says it is an obvious solution to the nation’s housing crisis.</p><p>“We don't even have to exceed our existing controls,” Livesey says. “Just by building up to the levels the councils allow us to, we can actually build 100,000 new homes in our cities.</p><p>“By going up only one level on every single one of those buildings, we would be able to solve the housing crisis 10 times over. And it’s an easier option.”</p><p>It is lightweight construction, cheaper per square metre and usually modular—built off-site and put up in a matter of weeks instead of months.</p><p>“Australians just aren’t used to air space developments.</p><p>“It’s a mindset thing,” Livesey says. “Overseas the largest air space developer is local councils. They see this as a way of doing more social and affordable housing.”</p><div id="4Tcu53JEyGKoJu1ofLv0l0"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5Ezxmrau24mbFiLCMFCLrK/00b6f76ec1ae612a9313a22e999799a1/9.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5Ezxmrau24mbFiLCMFCLrK/00b6f76ec1ae612a9313a22e999799a1/9.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Rooftop development like this in the UK is the fastest-growing trend in London, Singapore and more, says rooftop property specialist Warren Livesey.<br><br></span></div></div><p>In London, he says, the government loosened planning regulations for rooftop extensions up to two extra levels in 2020, creating the potential for an additional 180,000 homes to be built through the city.</p><p>“It's presently the fastest growing property industry trend in London, the US, Canada and Singapore. And it’s becoming more prevalent in Australia.”</p><p>Even one of Australia’s major supermarket chains is “looking at getting into the air space game”, Livesey says.</p><p>“With the requirements for more housing, particularly in and around existing infrastructure, and creating wealth to renew our buildings, there's going to be a larger demand going forward.”</p><p>Air space rights or rooftop property transactions are negotiated for a number of reasons, including building extensions and securing viewlines but increasingly to fund expensive refurbishments and much-needed repairs for ageing buildings.</p><p>“By titling off the rooftop and selling it, you’re creating an asset out of a liability,” Livesey says. “And we’re actually getting it to a point where you can buy a sky plot, basically an area of air space on top of buildings a lot easier.”</p><p>Through his Sydney-based business Buy Airspace, he says he has struck more than 50 deals that have “turned over close on a $42 million worth of air space this year so far”.</p><p>“The average rooftop in Bondi is worth a million dollars … most air space transactions are around $800,000 to $1.2 million. It’s a gold mine. It’s creating value and more homes out of thin air.”<br><br></p><hr><p><strong><br>You are currently experiencing <em>The Urban Developer</em> Plus (TUD+), our premium membership for property professionals. </strong><a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong>Click here to learn more.</strong></a></p><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

A dimensional shift in the property realm is looming—not on the horizon but above our urban skylines…

[+] placemaking web.jpg

<p>It would seem to be comparing apples—in this case, the Big Apple—with oranges.</p><p>But the fruits of placemaking are being savoured by developers whether it’s in and around Brisbane’s Fish Lane and Melbourne’s emerging Northbank or New York’s Bryant Park and five-building Brookfield Place.</p><p>The bottom line of place-led development is the creation or repositioning of spaces into vibrant places where people want to live, work and play.</p><p>And the more desirable the places become, the more property values, rental rates and revenues increase and, correspondingly, vacancy rates decrease.</p><p>“Placemaking is not about adding an extra cost,” says placemaker and property marketing specialist Andrew Hoyne. “It’s actually about mitigating risk.</p><p>“Firstly, to ensure that you will have much more ability to engage local council to get an approval. Secondly, to get the community on board to see that what’s being delivered actually adds value to them, even if they don’t live or work there. And, thirdly, because you’ve actually got something more destinational or more desirable, you actually are able to sell or lease at a higher rate per square metre—therefore, increasing your financial return and decreasing your investment risk.”</p><p>Given the prevailing economic pressures and feasibility challenges facing developers, Hoyne adds: “If anything, the notion of going about placemaking is actually becoming more important than ever.</p><p>“The biggest challenges that developers face are holding costs, interest rates and push-back by local council authorities on either rezoning or DA.</p><div id="6debNRjSbplrJEOM9DlUqh"><picture><img src="//images.ctfassets.net/8pr762qjocl3/55CNkPS8YlsCMxCpvytypu/9899c9a02f2582a6d1bbb2d7a9471b62/6.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/55CNkPS8YlsCMxCpvytypu/9899c9a02f2582a6d1bbb2d7a9471b62/6.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Transformative: Fish Lane in Brisbane.<br><br></span></div></div><p>“Placemaking is a process that mitigates all that by actually engaging stakeholders who might traditionally be standing around with pitchforks and flaming torches to actually get them on board to see what it is that’s actually being delivered in a quality, well-considered development and why people should support it.</p><p>“And it’s far easier when you actually create a destination with meaning, purpose and experiences to actually attract buyers and tenants, because they all see the value and there’s a reason to pay a premium.”</p><p>Hoyne says although placemaking is not new, it has become “a much stronger part of the development narrative” in the past five years.</p><h2>Single most important thing</h2><p><br>“Now some of the biggest developers in the world talk about placemaking as the single most important thing they do within their organisation to affect the places that they are creating new buildings and developments in.”</p><p>He cites Canadian property giant Brookfield’s place-led repositioning of the former World Financial Centre, the largest urban complex developed in New York City since the Rockefeller Center.</p><p>Rebranded as Brookfield Place to shake off its long-established image as a “fortress for finance”, it was transformed thanks to a placemaking strategy that included indoor-outdoor activation through curated food and beverage offerings, niche retail, a public events and arts program, and even a sailing school and club.</p><p>“Those placemaking initiatives enabled them to lease an extra 2 million square feet (185,800sq m) in under 18 months when they anticipated it was going to take them at least three to four years,” Hoyne says.</p><p>“And their comment to me was that the multibillion-dollar asset would be worth 40 per cent less than it is now if they had not undertaken those placemaking initiatives.”</p><div id="mV1ACDGO2O42Ayf6zRcVy"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6I7wf5hTZdjfe7oZYeXcB/358d223cc8295e67fc8c793453407aa9/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6I7wf5hTZdjfe7oZYeXcB/358d223cc8295e67fc8c793453407aa9/2.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Forty per cent value add: Brookfield Place in New York City.<br><br></span></div></div><p>Likewise, he says it was through placemaking that midtown Manhattan’s one-time crime hotspot, Bryant Park, was reclaimed for the community. The resulting “halo effect” reinvigorated office demand within five blocks—with the owners of the Grace Building towering above the park claiming it had enabled them to increase rents and achieve a value uplift of $US390 million [$A570 million].</p><p>Closer to home, Hoyne says some of the biggest and smallest developers in Australia also have been reaping the rewards of placemaking strategies.</p><p>He deems Frasers Property’s $2-billion mixed-use Central Park precinct in Sydney as one of many benchmark place-led developments in the country.</p><p>“It’s a great example of really bringing mixed-use to life over a broad number of asset categories.</p><p>“They’ve invested in not only the curation of the retail tenancies but also the activation … engaging all the different user groups from residents, commercial tenants, the surrounding community, university students.</p><p>“There are so many audiences that they are conscious of engaging on an ongoing basis.”</p><div id="6Ep5Dkm0fli3Bk76RKnv8z"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2ZLOPkCNsWjz033nTVI1VD/9d0539b96cff0a28b35b87e1ecbe5507/4.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2ZLOPkCNsWjz033nTVI1VD/9d0539b96cff0a28b35b87e1ecbe5507/4.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of Frasers Property’s $2-billion mixed-use Central Park in Sydney.<br><br></span></div></div><p>In Brisbane, he says Aria Property Group’s Fish Lane placemaking initiative is “the go-to reference point”.</p><p>“You know, a skanky, disused laneway full of bins and now it’s considered Brisbane’s sort of pre-eminent foodie destination with some of the city’s best restaurants, public art, landscaping, festivals and events.</p><p>“And even when we were having a couple of difficult years pre-Covid and post-Covid, Aria’s apartments were still selling about 15 per cent higher as resales than anything else in the entire market.</p><p>“So, while Fish Lane was a big investment for them, it has actually delivered them an exponential financial return because of their progressive approach.”</p><p>The City of Melbourne recently unveiled new designs for its $300-million Greenline project, a transformational 4km pedestrian link along the Yarra River comprising five precincts with interconnected promenades, parks, open spaces, native plantings, cultural activations, environmental renewal and a terraced performance space.</p><h2>Force of resurrection</h2><p><br>It is part of an overall resurrection of the city’s long-neglected Northbank precinct, including a number of developments such as Mirvac’s dual tower project—a $1-billion-plus Fender Katsalidis-designed scheme with a 20-level, 45,000sq m office building and 32-storey, 472 apartment build-to-rent tower.</p><p>“The entire precinct is a placemaking journey that’s happening at the moment and that’s the very thing that’s leveraging those developments,” Fender Katsalidis partner Craig Baudin says.</p><p>“It’s part of the city that’s traditionally not been all that active and not on people’s radar as a place. That whole Northbank precinct is being repositioned … it’s really becoming a new neighbourhood and that’s what placemaking is all about.”</p><div id="3OouuzyTcKMzLjLxIJFaKh"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1UVlSiFzJYGih90uY9MJjb/35898982e366d9d53e17f151f12a64a0/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1UVlSiFzJYGih90uY9MJjb/35898982e366d9d53e17f151f12a64a0/1.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Fender Katsalidis director Craig Baudin and a render of part of the Northbank precinct in Melbourne.<br><br></span></div></div><p>Hoyne agrees and says projects such as the Greenline initiative are all about reinventing environments or assets that have no commercial value and “turning them from being places that people avoid and into destinations”.</p><p>“You actually impact the personality of a neighbourhood and you change its perception and the way people either avoid it or aspire to it. And that has a direct impact on the values of the surrounding housing and the local high streets.”</p><p>Going forward, Baudin believes placemaking will play a critical role in the reinvigoration of the post-pandemic landscape of the country’s CBDs.</p><h2>Vibrancy and energy</h2><p><br>“The focus has turned to what is it that makes our cities unique and what is it that will bring back that vibrancy and energy that has been diluted to an extent by the lack of return to the workplace.</p><p>“At the moment, there’s this kind of chicken-and-egg process that’s happening. We need people to come back to work in our cities to get that vibrancy that will draw people back into our cities to work.</p><p>“And I think developers are conscious of that and know that they’re not going to get their projects to work if they are just a purely commercial proposition about providing office space or apartments.</p><p>“There needs to be an tangible lifestyle and public-realm placemaking aspect to it that draws people back to those locations.”</p><p>Urbis managing partner James Tuma says placemaking strategies are already a crucial foundation on which many projects are built.</p><div id="6YIGZ1QzmBgTN4HL5FBCuh"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5Z2nh80A470t05OIUnlU91/e2b6f472b1b1ea2a3ef6ea7db139bfdd/3.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5Z2nh80A470t05OIUnlU91/e2b6f472b1b1ea2a3ef6ea7db139bfdd/3.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ New York City’s Bryant Park, (above and main image) touted as Midtown Manhattan’s town square, is reputedly one of the world’s busiest public spaces.<br><br></span></div></div><p>“Developers are much more conscious of defining that clarity of purpose before they start really getting into anything else … they’re asking some really deep questions about what’s the purpose of this particular development or precinct or place.</p><p>“That’s partially because they want to make sure that they’re doing a good job and they’re creating a relevant place,” he says.</p><p>“But it’s also about having a strategy that brings an edge and competitive advantage in the marketplace. I think, increasingly, with all the economic constraints and a bunch of other things going on, that matters.</p><p>“And so the stories about places you’re creating and the performance and experience in those places can be significant differentiators of how successful the development might be.”</p><h2>The story matters</h2><p><br>Brisbane-based architect and Buchan principal Phil Schoutrop says, “The story that comes with place is just as important as the place itself”.</p><p>“It’s sort of like when I say the word ‘Gabba’. To some people it’s about bodyline and the cricket. To others it’s the Lions three premierships or it’s something else that happened there. It’s not the building. It’s the story that sits with the building or sits with the place. So the story is super important.”&nbsp;</p><p>Hoyne adds: “If you’re not creating a place that people care about, you’re actually not going to create success financially. Because no one’s going to line up or pay a premium or celebrate the arrival of another cookie-cutter development.</p><p>“People are over that. The sophistication of the market has amplified to such a scale that they expect development to meet the needs of community and provide tangible societal benefits. So when you’re creating magnetic destinations, it’s mandatory to ensure that your development has a competitive advantage, whether it’s a mixed-use precinct or something of a smaller scale.”</p><div id="1vROx0fjFYanolNyOdcTJH"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5Vikzu2UBFZbGHxoQnEjdB/dfddee3df837b7b2718b551de7fa8e6e/5.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5Vikzu2UBFZbGHxoQnEjdB/dfddee3df837b7b2718b551de7fa8e6e/5.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of Mirvac’s Flinders West project in Melbourne’s Northbank precinct.<br><br></span></div></div><p>Hoyne says he sees only opportunities and a greater need ahead for developers to focus on placemaking.</p><p>“The big conversation around the property industry globally is focusing on ESG. Now, with placemaking we’ve all understood very well the issues around the environment and sustainability.</p><p>“But the ‘S’ is for social and the biggest thing about placemaking is the social aspect. And yet it's the one ESG pillar that traditionally hasn't had enough emphasis and there's going to need to be more consideration around what we’re doing to invest in social outcomes and social engagement.”</p><p>Tuma says the challenge in Australia will be in “mainitaining the rage” for placemaking and key to that will be the ‘G’—governance—part of the ESG equation.</p><p>“It's kind of relatively easy, and I say that in inverted commas because I know it costs capital and money, to implement a place or a design outcome.</p><p>“But to keep it alive, to have the governance structures and the maintenance regimes and body corporate arrangements and everything else in place to actually continue to fund some of the things that make places great, isn't something that's always done that well.”</p><p>However, he says a greater emphasis on governance as part of the placemaking arsenal was occurring with the emergence of Australia's first business improvement district (BID)—in the New Sydney Warerfront Company—a concept where private funders come together to unlock the potential of urban precincts such as occurred with New York's Bryant Park.</p><p>“What the place is and who funds it and how it functions is important but actually how it gets governed and how decisions are made around investment that's actually one of the bits of secret sauce.</p><p>&nbsp;“And that hasn't been that well thought about in Australia but it's increasingly the case. Things like business improvement districts are an example of an appetite to do things a bit differently.”</p><p>By 2050 it is forecast at least 70 per cent of the world’s population will be living in cities, up from about 56 per cent today, as the global megatrend of urbanisation continues.</p><p>Schoutrop says with the densification of cities—and rising numbers of&nbsp; people living in apartments—placemaking will be increasingly vital for the creation of places for social recreation, interaction and activity that once happened in backyards.</p><p>“You need to provide those places. Without them you’ve got no fabric, no glue that binds that community together.”</p><hr><p><strong><br>You are currently experiencing <em>The Urban Developer</em> Plus (TUD+), our premium membership for property professionals. </strong><a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong>Click here to learn more.</strong></a></p><div id="FWupdEr7A7slj5R3EpVsJ"><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div></div>

From New York to Brisbane, developers are embracing placemaking to create spaces where people want to live, work and play—and it’s paying off…


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<p>Dror Poleg is a man in demand.</p><p>The author of the award-winning and hugely influential&nbsp;<em>Rethinking Real Estate</em>, Poleg regularly briefs and advises big hitters in the world of finance and development.</p><p>That includes multibillion-dollar companies such as UBS, Bank of America, HSBC, BCG, AvalonBay, CBRE, Hines, British Land, Liberty Mutual, Dubai Holding, and Cushman &amp; Wakefield.</p><p>Insights by Poleg, who predicted the current reshuffle of offices, homes, and cities in <em>Rethinking Real Estate</em>, have been featured in <em>The New York Times</em>, <em>Wall Street Journal</em>, and <em>Financial Times</em>, and on NBC, Bloomberg and more.</p><p>With more than two decades of hands-on experience in private equity and technology, Poleg has also taught and spoken at events by The University of Zurich, Harvard Graduate School of Design, The University of Toronto, The University of Colorado, and The City University of New York.</p><p>And he is joining us for <a href="https://www.theurbandeveloper.com/articles/urbanity-23-nightingale-housing-dan-mckenna#:~:text=Ahead%20of-,Urbanity%2023,-%2C%20chief%20executive%20Dan" data-mce-href="https://www.theurbandeveloper.com/articles/urbanity-23-nightingale-housing-dan-mckenna#:~:text=Ahead%20of-,Urbanity%2023,-%2C%20chief%20executive%20Dan">Urbanity 23.</a></p><p>Ahead of his presentation at&nbsp;our three-day event on the Gold Coast next month, New-York-based Poleg, one of the 50-plus presenters taking part in Urbanity 23, spoke to&nbsp;<em>The Urban Developer</em>.</p><div id="JNrHJ5l1Gwv3sZAyt08wj"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1KfsXhiew1A43j75j3mD1R/ef2784c2a1a22156d900379a48e679d9/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1KfsXhiew1A43j75j3mD1R/ef2784c2a1a22156d900379a48e679d9/2.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ New York City: Poleg says the world’s cities are facing the biggest changes in centuries.<br><br></span></div></div><p>According to Poleg, the office era is over.</p><p>But, he says, it doesn’t mean offices will cease to exist, however, they will lose their grip on our environment and our lives.</p><p>“Just like factories and farms, we’ll still have offices but they will no longer dominate and define our cities and culture,” Poleg told <em>The Urban Developer</em>.</p><p>“Offices have been the centre of the world for the past 100 years. They dominated our skylines, dictated the structure of our transportation systems, determined the location of our homes and shops, set our schedules and even inspired the shape and content of our classrooms.</p><p>“That is over.</p><p>“Cities will adapt to prioritise more housing and mixed-use and to provide the type of experiences that only cities can offer—walkability, intense social interaction, rich culture, high-quality services, and more.”</p><div id="3jNuc3yXXF4o08536GpwSd"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2s0pxNmmtIV33acUwnt5uW/08433b45b9cbd970bc97badff74ad84a/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2s0pxNmmtIV33acUwnt5uW/08433b45b9cbd970bc97badff74ad84a/1.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The transformation of workplaces, how we work, and when and where has a long way to run.<br><br></span></div></div><p>Real estate was facing a radical transformation because society was facing a radical transformation, he said.</p><p>Remote work and artificial intelligence will change how, where, and even why humans work, according to Poleg, while related fields such as healthcare, logistics, and education will change more in the next 10 years than they have in the past 50.</p><p>“In the midst of all this change, our offices, homes, and cities will have to adapt and evolve,” he said.</p><p>“The most successful projects will be those that help individual humans make their best of the changes ahead—places that help people live healthier, more productive, and more fulfilling lives.</p><p>“As the people who shaped the physical environment, we have a tremendous opportunity and responsibility.”</p><p>Poleg said the next five years would be a complete rethinking of urban CBDs and the reinvention and transformation of old workplaces.</p><p>“It’s a once-in-a-century opportunity to transform the physical world in a way that affects every living person,” he said.<br><br></p><hr><p><br><strong>Urbanity, Australia’s premier conference for the property industry, brought to you by&nbsp;<em>The Urban Developer</em>, will be held August on 29-31, 2023 on the Gold Coast.</strong></p><p>Highlights include:</p><ul type="disc"><li><p>Three days of inspired learning and connection</p></li><li><p>50-plus speakers across multiple stages</p></li><li><p>700-plus industry leaders</p></li><li><p>Interactive roundtables</p></li><li><p>Curated networking events</p></li><li><p>Immersive exhibits and site tours</p></li></ul><p>Urbanity is a must-attend event for anyone involved in the development of cities and places.</p><p style="text-align: center;" data-mce-style="text-align: center;"><strong><a href="https://www.weareurbanity.com.au/3Ae1kD?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial" data-mce-href="https://www.weareurbanity.com.au/3Ae1kD?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=General+Admission+%7C+Editorial">Click here to purchase your ticket or learn more.</a></strong>&nbsp;</p>

He advises big hitters like UBS, HSBC and Hines; predicted the reshuffle of offices, homes and cities; and now Dror Poleg is joining us for Urbanity 23…

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<p>The largest mass timber building in New Zealand, a Sydney mental health facility and data centre-oil rigs are among the winners of a global architecture competition.</p><p>The future projects were recognised in a 34-strong list of WAFX Awards winners in the World Architecture Festival.</p><p>Warren and Mahoney’s design for Alexandria Health Centre in NSW (main image) was one of the top ageing and health category winners. &nbsp;</p><p>The project was led by Adele King for developer Centuria to create 6000sq m of class 9a medical space in Sydney. It is due to be completed in 2025.</p><div id="1PHW3hgs19cJ7BvhQeBs6l"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5SgVbKiWkrlOCpfS2ZHQT6/8221d21c67e0adf9ecd2217511ae681a/Copy_of_Mid_article_resizes__14_.jpg" alt="Render of a wide industrial building for Fisher and Paykel to be built in Auckland." data-mce-src="//images.ctfassets.net/8pr762qjocl3/5SgVbKiWkrlOCpfS2ZHQT6/8221d21c67e0adf9ecd2217511ae681a/Copy_of_Mid_article_resizes__14_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Fisher and Paykel Global Headquarters by RTA Studio will be the largest mass timber building in New Zealand.<br><br></span></div></div><p>RTA Studio’s design for Fisher and Paykel Global Headquarters in Auckland was also a winner, in the building and technology category.</p><p>Rich Naish led the office-campus project set for completion in 2026 on a brownfield site at Penrose, creating a home building for administration and shed for appliance prototypes connected by a 788sq m social kitchen.</p><div id="1PHW3hgs19cJ7BvhQeBs6l"></div><p>World Architecture Festival director Paul Finch said the winners were selected for their ambition and scope. The overall winner is due to be announced in Singapore in November.&nbsp;</p><p>“We were delighted with the quantity and quality of projects which were looking at the biggest problems facing the world, and addressing them in a truly constructive way,” Finch said.&nbsp;</p><div id="4GBisG9VL4uqQLP49TTjxw"><picture><img src="//images.ctfassets.net/8pr762qjocl3/QaSM4za8tT5BczCr3WOIr/5f3fb8000850c2e73824d13bf02c1f47/Gordon_St_Chatswood___2_.jpg" alt="Four images featuring future development projects. A medical island, data centre-oil rig, green city and bamboo hall." data-mce-src="//images.ctfassets.net/8pr762qjocl3/QaSM4za8tT5BczCr3WOIr/5f3fb8000850c2e73824d13bf02c1f47/Gordon_St_Chatswood___2_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Clockwise from top left: Dubai Healthcare City by Kalbod Studio; Diatom City by Desitecture; Oil Rigs-Offshore Data Centres by ARUP and ChongZhou Exhibition Hall by China Southwest Architectural Design.<br><br></span></div></div><p>This year’s WAFX categories were Ageing and Health, Building Technology, Carbon Climate and Energy, Cultural Identity, Ethics and Values, Re-Use, Smart Cities, and Water.&nbsp;</p><p>The 2023 category winners ranged from an island centered around medical services in Dubai and an off-grid mixed-use tower in the United States, to an sand-storm absorbing skyscraper and an exhibition hall celebrating local bamboo craft in China.</p>

The largest mass timber building in New Zealand, a Sydney mental health facility and data centre-oil rigs are among winners of the WAFX Awards...

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<p>A “masterly design response which seamlessly balances history and modernity”, has won two sections in this year’s Australian Institute of Architects International Chapter Architecture Awards.</p><p>Membership of the chapter is open to Australian architects and built-environment professionals working abroad.</p><p><strong>Paris Apartment </strong>by Australian-based Wood Marsh Architecture won the Hugh O’Neil Award for Heritage for its meticulous and sensitive restoration of an apartment within a 17th century Baroque residence.</p><p>The original residence was designed in 1668 by Jules Hardouin-Mansart, whose most notable work is the Palace of Versailles.</p><div id="1uD9uVlkWA1RXtDRyApVFs"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2OVWzZ3tYV2Ua5iqEDYibk/8cac8c2b23b2d60afaa7fe1c53fcd2f7/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2OVWzZ3tYV2Ua5iqEDYibk/8cac8c2b23b2d60afaa7fe1c53fcd2f7/1.jpg"></picture><div><br></div></div><p>The jury was impressed by the “delightful, complementary contrast and dialogue between the old and the new”, in what was a small but challenging project.&nbsp;</p><p>Wood Marsh Architecture was praised for a “masterly design response to the high-stakes heritage envelope by contrasting French classical and floral style with minimal decor. They met the challenge of balancing respect for the past, and a gallery style contemporary residence, with confidence”.</p><p>The apartment was also awarded the International Chapter Award for Interior Architecture for its “sophisticated understanding and approach to the prevailing design issues … evident in their selection of materials and colour palette appropriate for the soft Parisian light that bathes the interiors”, the jury said.</p><div id="2LabBmNS5t6ngenUGDTggD"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5ut2H6WwtOd6DM0GQWNEjj/6f511afd05ef4f24df5e0bc680a8b4fd/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5ut2H6WwtOd6DM0GQWNEjj/6f511afd05ef4f24df5e0bc680a8b4fd/2.jpg"></picture><div><br></div></div><p><strong>Lu Style</strong> in the Beijing CBD by Schin Architects with Atelier W won the International Award for Interior Architecture. The jury said it was “delighted by the sensuous and tactile insertion of a restaurant into a rigid, nondescript commercial complex”.&nbsp;</p><p>Inspired by the “evanescent pleasures and the transience of beauty” of the Southern Song Dynasty of the 12th century, and the littoral origins of the food served at the restaurant, the architects have created a “dynamic and evocative setting for one of China’s great culinary traditions”.</p><div id="6parvbfT8CNeTgvT0QpsJb"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1nHaZyCGofhXav9kOMSqbo/cf0b96fafa61fe7dbe0f2d0d4913ca0f/3.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1nHaZyCGofhXav9kOMSqbo/cf0b96fafa61fe7dbe0f2d0d4913ca0f/3.jpg"></picture><div><br></div></div><p>KHA Pte Ltd was awarded the International Chapter Award for Commercial Architecture for their design of <strong>Ritz-Carlton Maldives</strong> [<em>pictured, top</em>] in the Fari Islands.</p><p>The project delivers an unfamiliar architectural language from Kerry Hill Architects, marking the “emergence of a new design dialect” for the firm.</p><p>Described by the jury as an “enigmatic scheme”, the Ritz-Carlton is part of an ambitious lifestyle precinct with the circular accommodation villas and curved walkways located on marine-engineered islands. These are juxtaposed with larger, rectilinear structures across the site.</p><div id="2xpE3o58HMrlQWU5BraPeD"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4kJ26BNu2dXSCo4RrmrN09/afdf554829d31c54d92ec0482a32c4e5/4.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4kJ26BNu2dXSCo4RrmrN09/afdf554829d31c54d92ec0482a32c4e5/4.jpg"></picture><div><br></div></div><p>The International Chapter Award for Residential Architecture—Multiple Housing was awarded to <strong>The Park Santa Monica</strong> by Koning Eizenberg Architecture.&nbsp;</p><p>The ambitious development, which includes 249 apartments, a 0.4ha rooftop park and significant ground-floor retail space, demonstrated a European sense of special and social consequence in the development of this typical typology in the interactive courtyards of the plan.</p><p>“The traditional street wall is reconsidered through a series of stand-alone blocks perpendicular to the long site dimensions,” the jury said.</p><div id="7pZH3UDdgOl9MyBN6epBEL"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2EkEVSQwP5ON8GR3XSh4uX/858331d05133af11361d3fbf78214ce4/Mid_article_resizes__34_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2EkEVSQwP5ON8GR3XSh4uX/858331d05133af11361d3fbf78214ce4/Mid_article_resizes__34_.jpg"></picture><div><br></div></div><p><strong>Te Ao Marama South Atrium </strong>by fjcstudio (formerly fjmtstudio), with Jasmax and DesignTRIBE, was awarded an International Chapter Commendation for Public Architecture.</p><p>The project transforms the colonial plan of the existing south atrium, the Tamaki Paenga Hira Auckland War Memorial, into a culturally inclusive gathering and ceremony space, rich with the representation of the Maori and Pasifika cultures of Aotearoa/New Zealand.&nbsp;</p><div id="7fjQGFgOxP0cC9m7MXO5WB"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2LYmgcqfQRCi7aXwFlqLZm/54a062cc4c8521270c647efcb92e8c14/5.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2LYmgcqfQRCi7aXwFlqLZm/54a062cc4c8521270c647efcb92e8c14/5.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ John Wei Shun Chow and Datuk Pei Ing Tan.<br><br></span></div></div><p>The 2023 International Chapter Emerging Architect prize winner was John Wei Shun Chow, of Metagram.</p><p>The jury recognised John for the work of his architectural practice, Metagram, his leadership roles in the Australian Institute of Architects International Chapter and the Hong Kong Interior Design Association, and his commitment to raising awareness of ‘net zero’ and other carbon reduction initiatives.&nbsp;</p><p>Datuk Pei Ing Tan was honoured with a Life Fellow of the Australian Institute of Architects for her involvement and advocacy in the international architecture community.</p><p>Pei Ing Tan is a Malaysian architect who has been in practice in Malaysia since graduating from the University of Melbourne in 1985. She has been a long-standing member of the Australian Institute of Architects, serving on the International Chapter Council for several years and the Institute’s National Gender Equity Committee.&nbsp;</p><p>The International Chapter Architecture Awards were announced at an in-person celebration at the Bella Centre in Copenhagen on July 8.</p><p>The International Chapter winners will now move on to be considered in the prestigious National Architecture Awards program later in the year.</p>

A Paris apartment, a Chinese restaurant and a resort in the Maldives are among the winners of awards for Australian architects working abroad…

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<p>Every day, driving along the Captain Cook Highway skirting the picturesque coastline between Cairns and Port Douglas, he gazes across the turquoise abyss of the Coral Sea.</p><p>“And every day I just look out there and go, ‘F***, I wish there was a wave’,” laments veteran surfer and developer David Imgraben.</p><p>Of course, with the Great Barrier Reef living up to its name just offshore, the forces of nature have conspired against his endless pipe dream.</p><p>But Imgraben is not letting a 2300km-long coral reef system put an end to his hopes of one day riding a barreling wave in the Far North Queensland surfing nirvana of his mind’s eye.</p><p>In the development world, imagination and opportunity are indeed two of the most powerful forces of nature.</p><p>And with the convergence of new wave pool technology, a pandemic-triggered surfing boom and surge in lifestyle-driven demand for housing there is now a rising tide of major projects with surf parks as their centrepiece.</p><p>Imgraben’s <a data-mce-href="theurbandeveloper.com/articles/plans-approved-for-aud320m-port-douglas-wave-park" href="theurbandeveloper.com/articles/plans-approved-for-aud320m-port-douglas-wave-park" target="_blank" rel="noopener">$320-million NorthBreak proposal</a> for a 40ha site near Port Douglas is among the fast-evolving new asset class, which has emerged from next-generation wave machines designed to mimic ocean swells.</p><p>At last count, the number of surf park projects planned or under construction across Australia had already hit double digits.</p><p>So far, however, only one—Urbnsurf Melbourne—is up and running. Built on a 5.4ha site owned by Melbourne Airport at Tullamarine, it is capable of generating up to 1000 waves an hour and has been attracting more than 100,000 visitors a year.&nbsp;</p><div id="73gYdHyFl2l5YSaD9nZVPA"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7kcdPYg8XNAcHuOE2Luqsg/8e536641a5f885d30ae5d9aef66874c3/4.jpg" alt="A computer-generated image of the NorthBreak wave park planned for far north Queensland." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7kcdPYg8XNAcHuOE2Luqsg/8e536641a5f885d30ae5d9aef66874c3/4.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A computer-generated image of the NorthBreak wave park planned for Far North Queensland.<br><br></span></div></div><p>The planned NorthBreak Port Douglas surf park is part of a masterplanned resort earmarked for a cane farm property next to the Mowbray River and less than 10km from the tourist town.</p><p>One of a handful of local proposals utilising Canada-based Whitewater’s pneumatic Endless Surf technology, it also comprises a freshwater swimming lagoon and aqua park, 4.5-star hotel with 160 guest rooms, waterfront “paddle-in, paddle-out” villas, 35-cabin tourist park as well as alfresco dining decks, cafes and retail shops.&nbsp;</p><p>But despite being approved by the Douglas Shire Council in March, NorthBreak’s progress has been blocked by an appeal lodged with the Planning and Environment Court over claims of inappropriate land use and potential ecological impacts.</p><p>“So, we’re still going through the process,” Imbragen says.</p><p>Meanwhile, his daily commute beside the waveless wide blue yonder of the Coral Sea has become even more tortuous after a recent tour of surf park developments in Europe and the US.&nbsp;</p><p>The itinerary included a session at Alaia Bay, a wave pool in Sion at the foot of the Swiss Alps that is open almost year-round except for a three-week shutdown for maintenance.</p><p>“It blows me away,” Imgraben says. “It’s a country that doesn’t even have a coastline and there you are riding near perfect waves with this magnificent backdrop of the Swiss Alps behind you. It’s that sort of dream of being able to surf in the morning and ski in the afternoon—it’s quite do-able over there.”</p><p>The similarities between the evolution of the ski resort industry with the invention of the chairlift in the late 1930s and the current rise of surf parks with recent advances in wave pool technology is not lost on Urbnsurf founder Andrew Ross.</p><p>“From then until now there’s been about 5500 ski resorts developed around the world and 30,000 chairlifts installed,” he says. “You can see some definite parallels between what happened in snow sports and what could potentially happen in surf sports with manmade environments.”</p><div id="42VcL4pnaMiWHwWeqQLQDE"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3PYEbqE19dIbespZ5CWaym/9e4fe70b55a542c2a486dcaa50d9efa5/7.jpg" alt="Slotted in the Swiss Alps: A surfer gets barrelled at the Alia Wave Park in Switzerland." data-mce-src="//images.ctfassets.net/8pr762qjocl3/3PYEbqE19dIbespZ5CWaym/9e4fe70b55a542c2a486dcaa50d9efa5/7.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Slotted in the Swiss Alps: A surfer gets barrelled at the Alaia Bay wave park in Switzerland.<br><br></span></div></div><p>Ross—a former lawyer and investment banker—stumbled upon a newspaper article about a patent dispute over a wave pool design in 2012 and, after some research and quite a few phone calls, he found himself paddling on to a wave in a prototype surfing lagoon built under the cover of darkness in the hills behind San Sebastian in Spain.</p><p>“I paddled into my first wave, surfed along it, did five or six turns, kicked out and went ‘Holy s**t, this thing is real’,” he recalls. “The wave was only about thigh high but I could see right away where the potential for the technology could go.</p><p>“I’d turned up to the session with my cynical investment banking hat on and came away having lunch with the Wavegarden guys and signing up the rights to Australia for their technology.”</p><p>That was the easy part. Coming up with the equity for what he calls Australia’s first “church to surfing” in Melbourne was—as he puts it—“the single most difficult raise I’ve done in my career”.</p><p>“We had this unproven prototype technology and there was no business model wrapped around it.”</p><p>Eventually he says most of the capital came from “family office money and high-net-worth investors” many of whom have also supported Urbnsurf’s second wave pool project <a data-mce-href="https://www.theurbandeveloper.com/articles/urbnsurf-homebush-sydney-surf-park" href="https://www.theurbandeveloper.com/articles/urbnsurf-homebush-sydney-surf-park" target="_blank" rel="noopener">under construction at Sydney’s Olympic Park</a>.</p><div id="5zEkUk6vTLxw3CSUJyvhZr"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6mo9mou0xM9Iq0wAPyOwsv/6beabb17aff01c801f1809889b07e223/8.jpg" alt="Urbnsrf Melbourne is currently the only operational surf park in Australia." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6mo9mou0xM9Iq0wAPyOwsv/6beabb17aff01c801f1809889b07e223/8.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Urbnsurf Melbourne is currently the only operational surf park in Australia.<br><br></span></div></div><p>Now spearheading US-based Aventuur’s plans for the <a data-mce-href="https://www.theurbandeveloper.com/articles/developer-southern-hemisphere-biggest-wave-park-perth" href="https://www.theurbandeveloper.com/articles/developer-southern-hemisphere-biggest-wave-park-perth" target="_blank" rel="noopener">southern hemisphere’s largest surfing lagoon development</a> on a 5.8ha site owned by the Western Australian government in Perth’s southern suburbs, Ross says the nascent asset class is on the precipice of securing “proper institutional grade capital”.</p><p>“The interesting thing about this asset class is the lagoon itself is fantastic, it makes a tonne of money and it has got a great margin profile (40-50 per cent EBIDTA) but it’s really all about its destinational value.</p><p>“It’s a massive attractor and what it does, because of that, is it then elevates all the surrounding property around the park, so having it as a centrepiece to a larger integrated property development makes a whole lot of sense.”</p><p>Imbragen agrees and says there is an accelerating incorporation of surf parks in real estate projects, which is creating a lifestyle and “enabling people to participate in that lifestyle who normally wouldn't be able to”.</p><p>“It’s only early days but already there’s probably hundreds of these wave pools in various stages of planning around the planet … and increasingly they are being used as a focal point to anchor real estate developments.”</p><h2>The race is on</h2><p><br>Ross says there is also now “a bit of a race to the finish line” occurring in the industry.</p><p>“In the same way you’ve got a limited number of airports or maybe major sports stadiums or the like, if you can be the first in a market you can get monopolistic control of it,” he says.</p><p>Much of the initial surf park development momentum came from 11-time world champion Kelly Slater’s unveiling of his Surf Ranch wave pool prototype at Lemoore in California in December 2015.</p><div id="2Q8ZblXOjqnMM5wWpFS1Ua"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3w9KOET0lo1Blv2HJukpM2/f293aa9ed0ef2310fa88fa26f4be7f31/5.jpg" alt="The start of it all: Kelly Slater’s Wave Ranch put high-performance wave pools on the map." data-mce-src="//images.ctfassets.net/8pr762qjocl3/3w9KOET0lo1Blv2HJukpM2/f293aa9ed0ef2310fa88fa26f4be7f31/5.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The start of it all: Kelly Slater’s Surf Ranch put high-performance wave pools on the map.<br><br></span></div></div><p>It remains surfing’s hottest and most expensive ticket to ride a manmade wave. Even at a reported cost of $10,000 a session or $50,000 to $100,000 a day to rent the entire facility, it is booked out up to 12 months in advance.</p><p>“That validation with Kelly supporting this space gave people a lot of confidence—you know, that the world’s best ever surfer thought that this was an authentic experience, which was true to surfing. It kind of helped everyone really and absolutely broke through a lot of barriers,” Ross says.</p><p>Avid surfer and one of Queensland’s most successful developers, Don O’Rorke, has not only ridden “the Kelly Wave” but also forged a partnership with the World Surf League—pro surfing’s governing body and a major stakeholder in the Kelly Slater Wave Company.&nbsp;</p><p>Under a plan to bring Surf Ranch to Australia revealed back in 2019, O’Rorke’s Consolidated Properties Group has proposed a $1.1-billion multistage integrated resort with a surf stadium, eco-lodge, residential development, retail village as well as a food and beverage precinct on a 510ha site at Coolum on the Sunshine Coast.</p><p>But with the project still awaiting support from the local council and Queensland government it has been left in limbo.</p><p>“We remain in discussions with the state government and the Sunshine Coast Council in regard to what we can do with our Coolum land,” O’Rorke recently told <em>The Urban Developer</em>.</p><p>Meanwhile, a legal stoush has unfolded between two other rival surf parks planned for the region. One of them is a 25ha integrated resort development by Sanad Capital that has recently begun works on what its chief executive Bradley Sutherland claims will be “the best surf pool in Australia” using American Wave Machine's PerfectSwell technology.</p><p>North of Sydney, Wiseman’s Surf Lodge—a $120-million adaptive re-use of an existing hotel complex—has been approved for a freehold 18ha site on the banks of the Hawkesbury River. It is being developed by surf park creator and operator Balnce with funds raised through an unlisted property trust.</p><p>It will be operated under a private membership and events model.</p><div id="4ejfwZiNUER6QTLHyRvqJs"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1Fv0isPEd0UNiU2mkxbj7I/25d895844ab9a1d922bc05af85afc741/Mid_article_resizes__23_.jpg" alt="A render of the planned Wiseman’s Surf Lodge, north of Sydney." data-mce-src="//images.ctfassets.net/8pr762qjocl3/1Fv0isPEd0UNiU2mkxbj7I/25d895844ab9a1d922bc05af85afc741/Mid_article_resizes__23_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of the planned Wiseman’s Surf Lodge, north of Sydney. <br><br></span></div></div><p>Director John Du Vernet says the capital raise has reached its minimum target to start construction on the project, which has been designed by architect Kelvin Ho— also known for his work with pub tsar Justin Hemmes’s Merivale hospitality ventures.</p><p>“It’s an asset class that is just ripe for growth,” he says. “And there’s more and more coming online globally … so, clearly, they’ve established themselves as investable and the future should be very exciting for valuations.”</p><p>Referring to the development parallels drawn with the ski resort industry, Du Vernet says: “If you think about it, where’s the value created? It’s not on the mountain, it’s all around the mountain … it’s a total halo effect.</p><p>“And that’s why we want to be the landlord, not the tenant, because all the value is in the ground.</p><p>“We’ve always thought that when you’re spending this much money on ground improvements, you want to have freehold. So, we discounted leasehold opportunities and that allows you to look at these assets slightly differently, it allows you to really leverage the site.”</p><h2>Ripple effect</h2><p><br>The project’s ripple effect is already being felt with billionaire property mogul Sam Arnaout’s Iris Capital forking out about $10 million for nearby heritage pub the <a data-mce-href="https://www.theurbandeveloper.com/articles/iris-capital-bill-young-wisemans-inn" href="https://www.theurbandeveloper.com/articles/iris-capital-bill-young-wisemans-inn" target="_blank" rel="noopener">Wisemans Ferry Inn Hotel.</a></p><p>On the central Queensland coast near Yeppoon, a development agreement was recently struck between Surf Lakes International—innovator of arguably one of the most unique prototype wave-making contraptions—and wave pool operations company Global Surf Parks.</p><p><span class="mce-preview-object mce-object-iframe" contenteditable="false" data-mce-object="iframe" data-mce-p-allowfullscreen="allowfullscreen" data-mce-p-src="https://www.youtube.com/embed/zFlV5LUA30g"><iframe src="https://www.youtube.com/embed/zFlV5LUA30g" width="560" height="314" frameborder="0" allowfullscreen="allowfullscreen" data-mce-src="https://www.youtube.com/embed/zFlV5LUA30g"></iframe><span class="mce-shim"></span></span></p><p>The facility’s Mad Max-like plunger technology has the capacity to create 2000 rides an hour with 200 surfers in its large 80-million-litre man-made lake at a time.&nbsp;</p><p>Under the agreement, the existing research and development site will be rebuilt, expanded from a 6ha to 40ha footprint and developed in three stages—with the first priority being to establish its facilities so that it can be opened to the public.</p><p>Approval was granted last year allowing for accommodation, a food and beverage precinct, camping and glamping facilities as well as an events and entertainment area.</p><p>“We’re looking at this being a destination,” says Global Surf Parks business development manager Wayne Dart. “I mean, we’ve got 800m of waterfront land in a spectacular environment—so, obviously, from a residential, hotel, retail, commercial or food and beverage perspective you’re looking at prime land.</p><p>“And we’ve already had discussions with quite a few developers who may take on the remaining acreage.”</p><p>Aventuur’s Andrew Ross says the new asset class is filled with very passionate people who believe in it but he adds—without pointing his finger—that some of them suffer from an affliction he calls ‘surf park fever’.</p><p>“The symptoms of surf park fever are a complete suspension of reality when it comes to commercial matters and thinking about property development and the like, and just an abiding passion and unrelenting desire to get the thing built in your hometown so you can actually surf it.”</p><div id="1U6g4SaVJVXaCAgO4aZdfQ"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7okH3TG2JJn5m37EbveudR/c04e7d046fc8894d8032aef3564c45cf/2.jpg" alt="A render of Aventuur's planned Perth wave park." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7okH3TG2JJn5m37EbveudR/c04e7d046fc8894d8032aef3564c45cf/2.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ A render of Aventuur's planned Perth wave park.<br><br></span></div></div><p>Ross says the fundamental way for a surf park business to make money is “a function of bums on boards multiplied by frequency of waves—that’s kind of essentially what it comes down to”.</p><p>But he warns: “This is a very technical, in some respects very difficult space to develop in. These are incredibly complicated pieces of infrastructure that you need to build. And then they’re linked to a highly complicated operating model.”</p><h2>Limited opportunity</h2><p><br>In the Australian context, his research indicates the window of opportunity may be limited to as few as “probably 10 or 11” commercial surf parks across the whole country that will “perform well, do a decent return for their investors and provide good solid experiences for their guests”.</p><p>“And you’re going to have to deliver an authentic experience for it to be successful,” Ross says. “These assets are not a soul-less space, they very much have to have a soul.</p><p>“Success for me was when I heard people starting to refer to the surf park in Melbourne as their local break.</p><p>“There’d be a bunch of people driving up from Torquay and Bells Beach to surf in the lagoon, which in itself was incredible to me—we’d turned the traffic around and all the cars with surfboards on their roof racks were heading towards Melbourne rather than down the coast.</p><p>“But then you’d also have all of these locals surfing in the park referring to these ‘coastals’ coming into their lagoon … that’s just an illustration of culturally what success can be around these assets.</p><p>“People have a great deal of ownership of these things and they can sniff out really quickly if you’re not authentic.&nbsp;But the opportunity is there and if you get it all right it’s a fantastic ride.”<br><br></p><hr><p><strong><br>You are currently experiencing <em>The Urban Developer</em> Plus (TUD+), our premium membership for property professionals. </strong><a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong>Click here to learn more.</strong></a></p><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

Surf parks as development centrepieces are on the rise, riding the wave of new technology, a pandemic-triggered surfing boom and lifestyle-driven housing demand...

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<p>Australia is far from the only country suffering under a construction crisis, an annual report from a global construction consultancy has revealed.</p><p>Arcadis’s 2023 International Construction Costs (ICC) index, ranking the relative cost of construction in 100 cities, found that Sydney remained the most expensive Australian city for construction in 2022, climbing the global ranking to 36, four places up on the previous year.</p><p>Other Australian cities also were less expensive in 2022 compared to similar cities overseas—Melbourne came in at 49 (maintaining the same place as last year), Brisbane at 46 (up from 50 last year) and Perth at 57 (up from 61).&nbsp;</p><p>The exception is Adelaide which ranked at 63, down from 60 last year.</p><p>Globally, Geneva has overtaken London as the most expensive city in the world in which to build. London has slipped to second place, followed by New York and San Francisco, which have edged one and two places respectively further up the global rankings.</p><p>The cost of construction across Australian cities had surged during the past 12 months, and in some sectors prohibitively so, Arcadis executive director of cost and commercial management Matthew Mackey said.</p><p>“The latest index demonstrates that many of the factors driving the increase in construction costs are, in fact, of a global nature.</p><p>“Rising energy costs, the higher cost of materials, and excessive transportation and logistics costs are all contributing to the bottom line.</p><p>“It is likely that many of these drivers are here to stay, and clients therefore need to evolve and adapt to this new environment.</p><p>“Focusing on the benefits associated with longer-term investment planning, making use of digital technologies, and driving collaboration across the project lifecycle are just some of the ways that clients can mitigate the rising cost of construction,” Mackey said.</p><p>The 2023 Arcadis ICC Index covers 100 of the world’s large cities across six continents.</p><p>The cost comparison was developed covering 20 building types, including residential, commercial and public sector developments, and is based on a survey of construction costs, a review of market conditions and the professional judgement of Arcadis’s global team of experts.</p><p>The calculations are based in US dollars and indexed against the price range for each building type relative to Amsterdam.</p><div id="4zqxbm55ezylavqs8J45bg"><picture><img src="//images.ctfassets.net/8pr762qjocl3/sOY22it8Kqa1ACY1t6sLK/a08415352ce08b0054577f032abe9ebf/Mid_article_resizes__18_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/sOY22it8Kqa1ACY1t6sLK/a08415352ce08b0054577f032abe9ebf/Mid_article_resizes__18_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Geneva has overtaken London as the most expensive city in the world in which to build.<br><br></span></div></div><p>Arcadis global sales director Kathleen Abbot said investors in long-lived assets must take a long-term view.</p><p>“We know property markets are cyclical but the challenges we face today in terms of addressing low-carbon performance and climate change resilience won’t go away and the green premium will only get wider.</p><p>“High construction prices and rising interest rates are a big barrier to action but ‘do nothing’ isn’t an option when regulations, investment standards and customer expectations are all ratcheting upwards.</p><p>“These barriers need to be addressed head-on, through targeted investment that will protect value, improve net-zero performance, and ensure the longevity of assets and portfolios well into the future.”</p><h2><strong>10 most expensive cities</strong></h2><p><br>1.&nbsp; Geneva</p><p>2.&nbsp; London</p><p>3.&nbsp; New York City</p><p>4.&nbsp; San Francisco</p><p>5.&nbsp; Munich</p><p>6.&nbsp; Zurich</p><p>7.&nbsp; Copenhagen</p><p>8.&nbsp; Hong Kong</p><p>9.&nbsp; Boston</p><p>10. Philadelphia</p><h2><strong><br>Australian cities rankings</strong></h2><p><br>36. Sydney</p><p>46. Brisbane</p><p>49. Melbourne</p><p>57. Perth</p><p>63. Adelaide</p>

The cost to build in our cities has risen compared to others—with one notable exception…

Salk Institute

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>For devotees of mid-century modernism, 15-25 February is the time of the year, with Palm Spring&#x27;s Modernism Week officially kicking off in a celebration of mid-century architecture and design.</p><p>Modernism first emerged in the early 20<sup><sub>th</sub></sup> century and its credo—or cliché, depending on who you ask—&quot;form follows function&quot;, played a critical part in the evolution of the world&#x27;s major cities.</p><p>In celebration of the modernist architectural movement, <em>The Urban Developer </em>reached out to Jack Hale and Eddy Rhead, the publishers of British-based <a href="http://www.the-modernist.org/"><em>The Modernist</em></a><em> </em>magazine and asked them to provide us with a rundown of some of their favourite modernist architecture from around the world.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/d67faebf-61e9-420d-a256-0ac79acc31ac.jpg" width="1920"/></picture><div><span style="align-content:center;opacity:0.8">French-Swiss modernist architect Le Courbusier</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><br><strong>Park Hill – Social Housing (Sheffield, UK) </strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/1f6e296c-9ca4-4d04-90d0-e04083ecba4b.jpg" width="1200"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><em>Architect – Jack Lynn and Ivor Smith</em></p><p>The programme of house building in the city of Sheffield in the 1950s and &#x27;60s attracted the attention of the world. Delegations from as far away as the Soviet Union came to the city to see how it was handling the huge job of rehousing its residents. </p><p>Park Hill was one of the largest of these and adopted the deck access &quot;walkways in the sky&quot; approach. In 1998 it was Grade II-listed in recognition of its place in architectural and social history and as such became the largest Grade II-listed building in the UK. </p><p>It is currently undergoing refurbishment to turn it into private housing.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Coventry Cathedral – Ecclesiastical (Coventry, UK)</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/8ea4fd39-e7f6-45e9-a761-1afb4d71dd25.jpg" width="1600"/></picture><div><span style="align-content:center;opacity:0.8">▲ Architect: Basil Spence</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Post-war reconstruction in Britain&#x27;s cities was as much an ideological process as it was a physical one. Large scale destruction of city centres gave town planners the opportunity for a &quot;blank sheet&quot; when rebuilding and Coventry, heavily bombed in World War II, was perhaps the best example. </p><p>The new cathedral, which incorporated the war damaged ruins of its predecessor, was a triumph not only of Modernist architecture but served as a beacon of reconstruction and reconciliation in an uncertain post war Britain. </p><p>Coventry Cathedral is an almost peerless building for its mix of traditional craft, beautiful artworks and cutting edge design. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Brasilia – Government and Civic (Brazil) </strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/ccade784-6846-4cf3-a39d-fcaa8e40bd31.jpg" width="4000"/></picture><div><span style="align-content:center;opacity:0.8">▲ Architect: Oscar Niemeyer.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The decision to move the capital of Brazil to an area of impenetrable rain forest was an audacious and risky one. Luckily for Brazil it had one of the worlds greatest architects in Oscar Niemeyer and he was responsible for designing many of  the new capital&#x27;s major buildings. </p><p>Whether the city works, 50 years on, as a good place to live and prosper is a matter of opinion but as a collection of outstanding Modernist architecture it is second to none. </p><p>Architectural highlights include the hyperboloid Cathedral of Brasilia, The Congress of Brazil building and Palácio da Alvorada – the President&#x27;s residence – all in Niemeyer&#x27;s signature seductive, almost sensuous, style.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Sydney Opera House – Cultural (Sydney, Australia) </strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/de6b5a12-63ef-402e-ae99-1ce42574e533.jpg" width="2048"/></picture><div><span style="align-content:center;opacity:0.8">▲ Architect: Jorn Utzon; Engineer: Ove Arup.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The word &quot;iconic&quot; is much overused but when one a city has a building that comes to optimise that city and is instantly recognisable the world over its fair to say it has achieved iconic status. </p><p>Sydney Opera House is such a building. A long, often controversial, design and build process was perhaps inevitable from such a radical and experimental design. </p><p>Engineering challenges of the design led to innovative solutions and only contribute to its beautiful mystique. Not only an important architectural statement Sydney Opera House showed other cities around the world of the importance of large scale cultural projects and their role in defining a cities image.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Munich Olympic Park and Athlete Village – Housing (Germany)</strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/96e5d2b9-aa17-4542-9db1-74880f26af60.jpg" width="1800"/></picture><div><span style="align-content:center;opacity:0.8">Munich Olympic Park</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/827dfa89-fb1c-4167-976f-af1743405def.jpg" width="1920"/></picture><div><span style="align-content:center;opacity:0.8">▲ Olympic Park architect: Frei Otto; Olympic Village architect: Heinle, Wischer and Partners.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The 1972 Munich Olympics were a chance for Germany to show the world that they were a progressive, liberal and modern nation. </p><p>The structures for the sporting venues were designed by Frei Otto and, working within the undulating landscape of the park, he adopted  a sinuous plexiglass canopy, held up by pylons and steel cables. </p><p>At once hi-tech and yet somehow organic, the structures look as radical today as they did 45 years ago. The adjoining Olympic village is a mix of ziggurat duplexes, low level maisonettes and tall towers. </p><p>Through careful planning and good management the village still retains a utopian air and proves that bold and dynamic Modernist architecture need not relegate its inhabitants as secondary to architectural vision.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Sirius – Housing (Sydney, Australia)  </strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/ba5040d9-f7ff-422d-87ce-57ba994fa58e.jpg" width="1200"/></picture><div><span style="align-content:center;opacity:0.8">▲ Architect: Theo Gofers</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Sirius, an apartment block in Sydney, has gained international exposure because it provides an interesting bellwether of where we are with regard to recognition and appreciation of brutalist architecture but also shines a spotlight on wider social issues regarding redevelopment and social housing. </p><p>Sirius shatters some of the myths regarding Brutalist architecture in so much that given a mixed demographic of tenants and thoughtful design, Brutalist social housing need not be the dystopian nightmare many imagine it to be. </p><p>Sirius&#x27;s location, one of its biggest assets, has proved its downfall. It is now prime real estate and potentially lucrative for the local government, who plan to <a href="https://theurbandeveloper.com/articles/sydneys-iconic-sirius-building-hits-the-market">empty the building, demolish Sirius</a> and sell the land for private development. The residents who have happily lived there for three decades seem to factor little in this decision. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Seagram Tower – Commercial (New York, USA)  </strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/2e3a8a17-4e80-43f3-8f84-ff0b20327d7d.jpg" width="1695"/></picture><div><span style="align-content:center;opacity:0.8">▲ Architect: Mies van der Rohe and Philip Johnson.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>It is said that imitation is the highest form of flattery and as such the Seagram Building must have been constantly blushing since its completion in 1958. </p><p>It set the benchmark for almost every commercial office block that has come in its its wake and whilst it is often copied it has rarely been bettered. </p><p>To have an almost unlimited budget, a very understanding client and the genius of Mies van der Rohe obviously helps matters but the attention to detail, the use of high quality materials and the peerless Miesean &quot;Less is More&quot; design has ensured the Seagram Building is as influential and thrilling today as it was 60 years ago. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Aircraft hangars – Industrial (Italy) </strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/82d6138c-1132-4ea4-94e5-591fbaf813d3.jpg" width="1200"/></picture><div><span style="align-content:center;opacity:0.8">▲ Pier Luigi Nervi</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The name Pier Luigi Nervi is perhaps not well known outside his native Italy. This is perhaps because he rarely worked outside of Italy (although he collaborated with Harry Seidler on several projects in Australia) and was not an architect but an engineer. </p><p>His speciality was concrete and elevated it to a fine art, weaving complex and beautiful patterns on a variety of projects before and after the Second World War.  His earlier work was led by structural necessities but this did not prevent Nervi pushing the boundaries of the available technologies and creating stunning forms in concrete. </p><p>From warehouses, bridges and factories Nervi went on to build sports stadia, arenas and cathedrals, always proving that, in the right hands, concrete can be the most beautiful and versatile material available to architects and engineers. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><h2><strong>Millau Viaduct – Infrastructure (France ) </strong></h2></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/455e3680-9808-46ec-885b-8f4c3f26d3d1.jpg" width="2560"/></picture><div><span style="align-content:center;opacity:0.8">▲ Architect: Norman Foster; Engineer: Michel Virlogeux.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><em></em></p><p>Bridges often act as much more than a way of getting from A to B. As well as acting as a physical link they can symbolise the overcoming of ideological barriers and serve to connect ideas as well as places. </p><p>A bridge is also that rarest of structures, one that can enhance an already beautiful landscape and this is the case at Millau. A breathtakingly elegant structure and a triumph of engineering it takes the Modernist credo of &quot;Form Follows Function&quot; and distils it down to almost perfection. </p><p>Millau has a practical function, speeding French holiday traffic down to the Mediterranean coast and Spain, but with its English architect and French engineer it serves as a metaphor for collaboration and also shows the unparalleled ability of the human race to shape its environment and overcome huge physical obstacles. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Jack Hale and Eddy Rhead are publishers of <em>The Modernist, </em>a quarterly printed publication about 20<sub>th</sub> century modernist architecture and design. Check it out <a href="http://www.the-modernist.org/">here</a>.</p></div></div></div></div></div>

For devotees of mid-century modernism, February is the time of the year...

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<p>With a new tallest tower in the world, as well as several national and continental records set to fall in 2023, it’s shaping up to be a big year for tall towers.&nbsp;</p><p>Architectural advances in materials, design, and technology are set to reinvent how we think of offices and apartments. And on the home front, some of the most talked-about projects in recent years are ready to top out.</p><p><em>The Urban Developer</em> takes a look at the year ahead and explores some of the most exciting towers on the horizon.&nbsp;</p><p>So, here in no particular order, are the top 10 completions projected for 2023.<br><br></p><hr><p><br></p><div id="5UOCnWVoYFT63yLjOjObHN"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4Wo4LMN0b514HeHALE4609/2f097b63910320ca38a319fc72e97113/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4Wo4LMN0b514HeHALE4609/2f097b63910320ca38a319fc72e97113/1.jpg"></picture><div><br></div></div><h2>Merdeka 118</h2><p><br><strong>Address:</strong> Hang Jebat Road, Kuala Lumpur</p><p><strong>Developer:</strong> PNB Merdeka Ventures Sdn Bhd</p><p><strong>Architect:</strong> Fender Katsalidis&nbsp;</p><p><strong>Building type:</strong> Mixed-use; residential, retail, hotel, offices</p><p><strong>Height:</strong> 678.9m</p><p><strong>Development cost:</strong> $1.66 billion</p><p><strong>Status:</strong> Topped out</p><p>Topping out in early December 2022 at 118 stories, or 678.9m, Merdeka 118 is officially the world’s second-tallest building, (albeit with a little help from a 158m spire). Designed to hold a little bit of everything, the tower will mix residential, offices, and tourist facilities with a 15-storey Park Hyatt hotel.</p><p>Located in the heart of the Malaysian capital, the tower takes its name from the nearby Stadium Merdeka. The design emulates the raised arm of Tunku Abdul Rahman, the country’s first Prime Minister, as he declared the nation’s independence from the UK in 1957.</p><p>The building’s cladding holds over 18,000 panels, along with 114,000sq m of glass. Melbourne firm Fender Katsalidis designed the building for PNB Merdeka Ventures, a Malaysian government-initiated fund manager. Leslie E. Robertson, Robert Bird Group and Arup acted as engineers.<br><br></p><hr><p><br></p><p><br></p><div id="bw6KaudqFucMfhAWbAGr7"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3T1dC8jrsMomwVDPKg0liv/53f97b0c1735a178a4a9f7547c658d7d/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3T1dC8jrsMomwVDPKg0liv/53f97b0c1735a178a4a9f7547c658d7d/2.jpg"></picture><div><br></div></div><h2>Queen’s Wharf</h2><p><br><strong>Address: </strong>Queens Wharf, George Street, Brisbane</p><p><strong>Developer:</strong> Destination Brisbane Consortium (The Star Group, Far East Consortium, Chow Tai Fook)</p><p><strong>Architect:</strong> Cottee Parker</p><p><strong>Building type:</strong> Casino (390,000sq m), Hotel (1100 guest rooms), Residential (2000 apartments)</p><p><strong>Height:</strong> 71 storeys (234m), 58 storeys (190m), 54 storeys (180m), 30 storeys (101m), 30 storeys (101m)</p><p><strong>Gross development value:</strong> $3.6 billion</p><p><strong>Status:</strong> Under construction</p><p><strong>Estimated completion:</strong> 2023 (stage one)</p><p>Brisbane’s largest private-sector development may have taken a hit with the Star Group’s troubles, but there’s no stopping this $3.6-billion juggernaut.&nbsp;</p><p>The project includes four luxury hotels and 2000 apartments alongside the casino, spread out over a 12ha footprint (and 15.3ha of water).<br><br></p><hr><div id="1nyjRCd6Dwr48iR6wtmERz"><br><br><div id="1nyjRCd6Dwr48iR6wtmERz"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3mIYj9dTEOlR6RXTCTxJSJ/e0a2e802d6d7e3779ad8fbe28989c74e/3.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3mIYj9dTEOlR6RXTCTxJSJ/e0a2e802d6d7e3779ad8fbe28989c74e/3.jpg"></picture><div><br></div></div></div><h2>Tora Asa</h2><p><br><strong>Address:</strong> Azabudai Hills, Tokyo</p><p><strong>Developer:</strong> Mori Building</p><p><strong>Architect:</strong> Pelli Clarke &amp; Partners</p><p><strong>Building type:</strong> Mixed-use; residential, office, education</p><p><strong>Height:</strong> 325.2m</p><p>Development cost: $6.25 billion</p><p><strong>Status:</strong> Topped out</p><p>The 64-storey Toro Asa topped out in April 2022 and is now the tallest building in Japan. PCP co-founder Fred Clark has said that Toro Asa will be “the first thing visitors will see upon arrival in Tokyo”.</p><p>Built to a concept of “modern urban village”, the tower sits beside two others and will hold 1400 residences, a supermarket and a school. The complex will host enough office space for 20,000 workers.</p><p>Designed as a place of refuge in disaster events, the project has incorporated built environment practices learnt from the 2011 Tohoku earthquake and tsunami. The site will also hold a shelter, and a warehouse for emergency supplies.<br><br></p><hr><p><br></p><div id="1OZOf52YEOL713PHmfXfxy"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5aDiddkvAvTiv9AtpmhQZl/826998c621fa16eb6ef270a9e40c60e5/4.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5aDiddkvAvTiv9AtpmhQZl/826998c621fa16eb6ef270a9e40c60e5/4.jpg"></picture><div><br></div></div><h2>Iconic Tower</h2><p><br><strong>Address:</strong> New Administrative Capital Central Business District, Cairo</p><p><strong>Developer:</strong> Egyptian government; China State Construction Engineering&nbsp;</p><p><strong>Architect:</strong> Dar Al-Handasah Shair &amp; Partners</p><p><strong>Building type:</strong> Mixed-use; office, hotel, residential</p><p><strong>Height:</strong> 385.8m</p><p><strong>Development cost:</strong> $4.39 billion</p><p><strong>Status:</strong> Topped out</p><p>At 77 storeys and 393.8m, Cairo’s Iconic Tower is the tallest building in Africa. The project is part of a Belt and Road initiative between Chinese state-owned companies and the Egyptian government.</p><p>The design by architects Dar Al-Handasah Shair &amp; Partners is inspired by a pharaonic obelisk, and is one of twenty towers planned for a new CBD and administrative capital.&nbsp;<br><br></p><hr><p><br></p><div id="2tAZhQcLIlkNoYWaV4r8b2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2IEXwjz3gUzdtDXOJO5oaU/973fa47bb529486f5e4b74e3296b0596/5.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2IEXwjz3gUzdtDXOJO5oaU/973fa47bb529486f5e4b74e3296b0596/5.jpg"></picture><div><br></div></div><h2>Ciel Tower</h2><p><br><strong>Address:</strong> Dubai Marina, Dubai</p><p><strong>Developer:</strong> The First Group</p><p><strong>Architect:</strong> NORR Group Consultants International Limited</p><p><strong>Building type:</strong> Hotel</p><p><strong>Height:</strong> 365.5m</p><p><strong>Status:</strong> Under construction</p><p>The super-tall tower’s 81 floors over 365.5m will see Dubai’s Ciel Tower become the tallest hotel-only tower in the world. Dubai specialist developers The First Group contracted NORR for the design, which provides 360 views of the city, Palm Jumeirah and the Arabian Gulf.</p><p>Dubai has a history of both successful and failed mega-projects. The tallest building in the world, the Burj Khalifa, was only completed after the Emirati ruler opened the cheque book after costs ran over. A $US10-billion mega-project, the Dubai Pearl, was stalled in construction for 13 years before developers pulled the plug in November 2022.<br><br></p><hr><p><br></p><div id="1v9U0sWCOHfRPFFfNSujbQ"><picture><img src="//images.ctfassets.net/8pr762qjocl3/62wNgS5Zn08p61VHrEUhpL/94633edcbf22f725bd6849d708d4a679/6.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/62wNgS5Zn08p61VHrEUhpL/94633edcbf22f725bd6849d708d4a679/6.jpg"></picture><div><br></div></div><h2>Greenland Group Suzhou Center</h2><p><strong><br>Address:</strong> Chunjiang Road, Suzhou</p><p><strong>Developer:</strong> Greenland Group</p><p><strong>Architect:</strong> Skidmore Owings &amp; Merrill</p><p><strong>Building type:</strong> Mixed-use; hotel, offices&nbsp;</p><p><strong>Height:</strong> 358m</p><p><strong>Status:</strong> Topped out</p><p>Chinese developers Greenland have a swathe of record-breaking projects under way, but the Suzhou Center is one of the most visually striking to be completed in 2023. At 88 storeys and 358m, it doesn’t skip on the height, either.</p><p>Architecturally, Suzhou is more known for its antique temples and monuments, including the 2500-year-old Pan Gate. But the Suzhou Center is sure to place the city at the forefront of contemporary design with its 30-storey operable window, delivering air flow and natural light throughout the building.<br><br></p><hr><div id="6HBH87xDcF5r0anJbnJy4L"><br><br><div><div id="6HBH87xDcF5r0anJbnJy4L"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3FzgA7s2igyeCwxYd4Qz5U/2aeae9da23f5d38bfdb07ab277872867/7.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3FzgA7s2igyeCwxYd4Qz5U/2aeae9da23f5d38bfdb07ab277872867/7.jpg"></picture><div><br></div></div><br></div></div><h2>Galaxy Towers</h2><p><strong><br>Address:</strong> Wuhe South Road, Shenzhen</p><p><strong>Developer:</strong> Galaxy Group</p><p><strong>Architect:</strong> AECOM</p><p><strong>Building type:</strong> Mixed-use; residential, office, commercial</p><p><strong>Height:</strong> 356m</p><p><strong>Status:</strong> Topped out</p><p>Shenzhen’s ever-accelerating skyscraper boom rolls on, with the Zaha Hadid-designed Tower C set to reshape the skyline sometime in the next decade. In the meantime, the twin Galaxy towers, at 356m and 73 storeys apiece, topped out in 2022 and are set for completion in 2023.</p><p>Architects AECOM took inspiration from bamboo shoots along the river for the twin twisting towers, and designed for a multifunctional community, which includes living and working spaces, shopping recreation, a 1200-seat theatre, a 56,000sq m commercial center. The two buildings use an AI-enhanced smart operating system.<br><br></p><hr><p><br></p><div id="45ErPEB4M6F8nJ12azfz91"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4KiGB3G7yawFZuwSqkQzqb/f4a0b6ca35665a40ef190ef8fa01683c/8.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4KiGB3G7yawFZuwSqkQzqb/f4a0b6ca35665a40ef190ef8fa01683c/8.jpg"></picture><div><br></div></div><h2>555 Collins Street</h2><p><strong><br>Address:</strong> 555 Collins Street, CBD, Victoria, 3000</p><p><strong>Developer:</strong> Charter Hall</p><p><strong>Architect:</strong> Gensler, Cox Architects</p><p><strong>Building type:</strong> Commercial (84,000sq m)</p><p><strong>Height:</strong> 35-storeys (115.5-metres)</p><p><strong>Gross development value:</strong> $1.5 billion</p><p><strong>Status:</strong> Under construction</p><p><strong>Estimated completion:</strong> 2023 (stage one)</p><p>Next year’s completion of the first stage of 555 Collins Street is only a teaser for the main event, but it’s enticing enough on its own merit to land a place on the list.&nbsp;</p><p>Charter Hall’s 2023 completion will see 35 levels hosting 50,000sq m of office space added to the heart of Melbourne, a stone’s throw from Southern Cross station.&nbsp;</p><p>Stage two will add another 34,000sq m of offices, along with 2300sq m of retail.<br><br></p><hr><p><br></p><div id="5B8YLU2aUTkHZ6i8W1Twfm"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6LWIhvCdtchtYhexn89oEH/d876adc529625cc64789e5bfe1899f4c/9.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6LWIhvCdtchtYhexn89oEH/d876adc529625cc64789e5bfe1899f4c/9.jpg"></picture><div><br></div></div><h2>Stanza London</h2><p><strong><br>Address:</strong> 40 Leadenhall Street, London</p><p><strong>Developer:</strong> Nuveen</p><p><strong>Architect:</strong> Make</p><p><strong>Building type:</strong> Office</p><p><strong>Height:</strong> 153.9m</p><p><strong>Development cost:</strong> $2.54 billion</p><p><strong>Status:</strong> Under construction</p><p><strong>Estimated completion:</strong> December 2023</p><p>Demand in the City of London is always hot, no matter the economic situation. And with height and heritage serious constrictions on developers, any new development at all is valuable, let alone one like the Stanza.</p><p>Architects Make recalled the classic North American skyscrapers of the early 20th century for this 153.9m complex, spread out over 34 floors. The site holds 83,600sq m of office space, with retail and amenities sprinkled throughout.<br><br></p><hr><p><br></p><div id="1POoKTPl5sMNOBCtGEJVJf"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2NitrWOee994wQsuy70AZV/70dcffa716233ca37c38a11f28f131b2/Mid_article_resizes__9_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2NitrWOee994wQsuy70AZV/70dcffa716233ca37c38a11f28f131b2/Mid_article_resizes__9_.jpg"></picture><div><br data-mce-bogus="1"></div></div><h2>Residence One, One Sydney Harbour</h2><p><br><strong>Address:</strong> Sydney</p><p><strong>Developer:</strong> Lendlease</p><p><strong>Architect:</strong> Renzo Piano</p><p><strong>Building type:</strong> Residential</p><p><strong>Height:</strong> 72 storeys (250m), 68 storey (233.48m), 30 storey (103.5m)</p><p><strong>Gross development value:</strong> $4 billion</p><p><strong>Status:</strong> Under construction</p><p>It’s difficult to deny that Barangaroo is one of the most talked-about Australian development projects in living memory, whichever side of the fence you fall. With Lendlease’s Residence One topping out in December 2022, expect proud new apartment owners to be sizing up their calendars for a move-in date.</p><p>The towers were designed by Pritzker Prize-winner Renzo Piano and form an anchor for Lendlease’s overhaul of the Sydney CBD waterfront, with a number of major projects also under way at Circular Quay.</p>

The Urban Developer takes a look at some of the most exciting projects set to complete this year at home and around the world…

From Sydney 2000 to Brisbane 2032 landing the Olympics is like “hitting the jackpot” for hotel operators with new supply ramping up in the lead up to the games.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Landing the Olympic Games is like “hitting the jackpot” for hotel developers with the number of new projects expected to skyrocket in Brisbane by 2032.</p><p>Research by STR found that in the past two decades the hotel supply in Games host cities grew markedly, with a focus on upper- and mid-scale rooms. </p><p>The biggest number of new hotel rooms was in Rio de Janeiro in 2016 when Brazil hosted the Olympics just two years after the FIFA World Cup.</p><p>The supply increased by 16.8 per cent, or 31,960 rooms, however, “the issue for the market was filling those rooms once the event had passed”, according to the research. </p><p>This compared to Sydney, which had a 4.1 per cent increase with 39,125 rooms, however, after the event in 2000 demand for hotel rooms only declined by 0.9 per cent.</p><p>Twelve new hotels are in the pipeline for Paris in time for the 2024 Olympics, adding 1647 rooms—this relatively small number due to the city’s extensive inventory, which is expected to grown larger as the event nears.</p><p>On the back of the Brisbane Olympics, new hotel developments are expected to stretch from the Gold to Sunshine coasts in precincts <a href="https://www.theurbandeveloper.com/articles/brisbane-olympics-2032-development-infrastructure-projects">surrounding proposed venues</a>.</p><p><strong>New hotel room supply in Olympic host cities</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/ea7a8164-b6e9-4de4-9d98-f78bbe4d1f76.jpg" width="800"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sub><sup>Source: STR, summer games</sup></sub></p><p>An<a href="https://www.theurbandeveloper.com/articles/developer-lodges-brisbane-olympics-tower-plans"> application for two towers</a>, within the largely undeveloped area around the <a href="https://www.theurbandeveloper.com/articles/billion-dollar-facelift-for-gabba-stadium-">new Olympic stadium</a>, with short-term accommodation was lodged in September.</p><p>The<a href="https://www.theurbandeveloper.com/articles/brookfield-hamilton-northshore-development"> athlete’s village in Hamilton Northshore</a> will have more than a dozen towers, which will be converted to residential apartments after the Games, while <a href="https://www.theurbandeveloper.com/articles/brisbane-olympic-development-unveiled-for-southbank">Southbank</a> and <a href="https://www.theurbandeveloper.com/articles/plans-add-slimline-hotel-on-44-roma-street">Roma Street</a> will undergo rapid transformation.</p><p>The most recent hotel applications in the surrounding region include the Wagner family’s <a href="https://www.theurbandeveloper.com/articles/wagner-plans-mooloolaba-hotel-on-car-park-site">182-room hotel in Mooloolaba </a>and Manors Gate Group’s 196-room <a href="https://www.theurbandeveloper.com/articles/development-application-hotel-broadbeach-manors-gate">slender tower in Broadbeach</a>.</p><p>Developers in the region are looking beyond recent results for the hotel sector which saw the occupancy rate drop to 36.9 per cent in Queensland for August, according to STR.</p><p>The industry was hampered by border restrictions and lockdowns, which are expected to lift when Queensland officially reopens to vaccinated travellers on December 17, if not earlier.</p><p>However, the impact of another major pandemic could change everything, just as it did in Tokyo—in that city development timelines were pushed back, but hotel supply increased 5.1 per cent. </p><p>Although Covid seriously affected the hotel sector globally, it still drove investment activity in the first half of 2021 in Japan, Korea and Australia, according to CBRE.</p><p>One of the <a href="https://www.theurbandeveloper.com/articles/record-620m-hotel-deal-seals-australias-status-as-investment-destination">biggest deals</a> was the sale of the Travelodge portfolio for $620 million to the Salter Brothers under the GIC and Partners Group joint venture.</p></div></div></div></div></div>

Landing the Olympics is like “hitting the jackpot” for hotel developers with the number of new projects expected to boom in Brisbane by 2032...

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<p>WA building and engineering firm Clough Group has gone under, putting the future of the massive infrastructure project Snowy 2.0 under a cloud.</p><p>The firm has gone into voluntary administration after an acquisition deal with Italian contractor WeBuild, which had reportedly lent Clough $167 million and was set to lend another $30 million in working capital, collapsed.</p><p>Clough’s South African owners Murray and Roberts sold the firm to Webuild last month for $350 million. On Monday Webuild said in a statement the companies had agreed there was “no reasonable prospect of that acquisition proceeding through to a successful completion”.</p><p>Clough has 12 companies under it with about 1250 employees in Australia and a similar number in the UK, the US and Papua New Guinea.</p><p>The company posted a $375.3 million loss and a $304 million working capital deficit in the last financial year.</p><p>Aside from the pumped hydro-energy project in the Snowy Mountains, Clough was working on a transmission line, Energy Connect, for Transgrid in NSW as well as the Waitsea LNG project in WA for Mitsui and Beach Energy.</p><p>It was also part of a consortium with Webuild working on a section of <a href="https://www.theurbandeveloper.com/articles/webuild-infrastructure-project-upsurge-drives-growth" data-mce-href="https://www.theurbandeveloper.com/articles/webuild-infrastructure-project-upsurge-drives-growth">the inland rail project</a>.</p><p>Founded in 1919 and listed on the Australian Securities Exchange in 1998, Clough was acquired by Murray and Roberts in 2013.</p><p>The Clough Group deal was to be Webuild’s first move into Australia.</p>

The WA building and engineering firm has gone into administration after an acquisition deal with Webuild failed, throwing thousands of jobs and a raft of substantial infrastructure projects into doubt…

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