New developer steps in after plans for Tuggeranong complex collapsed
Construction giant Geocon will step in to help redevelop the site of the failed Jardin apartment complex in Tuggeranong, two months after the project's developer ripped up contracts with buyers.
Geocon on Wednesday announced it would partner with Empire Global to build a $270 million, 571-unit mixed-use development at the corner of Anketell Street and Oakden Street, in Greenway.
The so-called Aspen Village complex would include 2500 square metres of commercial space, a 200 space carpark, an IGA supermarket and Club Lime.
The announcement ends the uncertainty over the site's future following Empire Global's decision in December to rescind contracts with buyers into its Jardin project.
Buyers into the development had their deposits refunded after the developer conceded it would not be able to deliver the project's planned 237-unit first stage on time.
The decision was met with shock, anger and relief by different buyers, who had been waiting for more than two years for the development to get off the ground.
Buyers hadn't heard from Empire Global in the months prior to the December decision. The only information about the project's status was provided by real estate agent LG Hooker and lawyers Meyer Vandenberg.
On Wednesday, Empire chief executive Tomislav Simunic broke his silence to spruik the joint-venture with Geocon.
"We are focussed on building communities and all of our developments include spectacular communal spaces," Mr Simunic said.
"With the Aspen Village, we are doing more than just building apartments - we're creating a precinct for existing and new residents. We've already secured IGA supermarkets and Club Lime and are also negotiating with a sports-bar, cafe, bakery and pizzeria to ensure we bring a vibrant precinct to the Tuggeranong community."
Designed by Stuart Architecture, the apartment complex would include a mix of one, two and three-bedroom apartments, and feature entertainment spaces, dining rooms and an infinity pool.
Geocon managing director Nick Georgalis said the development was inspired by the "rich alpine cultures of Europe and North America".
"When the opportunity presented itself to create Aspen Village, we grasped it with every ounce of energy we had," he said.
Construction is expected to start in September and be completed in two years.
More to come